New Delhi, July 22: Former Indian Premier League (IPL) chairman Lalit Modi on Wednesday said he intends to return to India after receiving significant relief from an appellate tribunal in a long-running case related to alleged violations of the Foreign Exchange Management Act (FEMA).
Reacting to the tribunal’s decision, Modi described the ruling as an important milestone after years of legal proceedings. He said the verdict had reinforced his long-held position and expressed satisfaction that the matter had largely been resolved in his favour.
In a video statement, Modi said his primary focus had always been safeguarding the interests and reputation of the Indian Premier League, one of the world’s most successful cricket tournaments.
He added that he now wished to move forward with his personal and professional life.
The former IPL chief said he was planning to visit India for the first time in nearly 16 years.
According to him, the visit could take place towards the end of this year or in early next year, depending on family commitments.
The case relates to the 2009 edition of the IPL, which was moved from India to South Africa because of the Lok Sabha general elections.
The Enforcement Directorate (ED) had alleged violations of FEMA provisions in connection with financial transactions linked to the organisation of the tournament overseas.
The Appellate Tribunal set aside most of the findings and penalties imposed by the ED against Modi and other appellants.
However, it upheld two limited findings against the Board of Control for Cricket in India (BCCI), including a penalty related to the remittance of funds exceeding the amount reflected in its accounts and another concerning the delayed repatriation of ticket sale proceeds.
The tribunal reduced one of the penalties after noting that the funds were eventually brought back to India.Modi has been residing in London since 2010.
His announcement regarding a possible return to India comes after the latest legal development in the long-pending FEMA case.
