The SAFEMA Appellate Tribunal has set aside the penalties in the FEMA case tied to IPL 2009 in South Africa, ruling that the remittances were current account transactions and that Lalit Modi was not responsible for BCCI’s FEMA compliance. Modi framed the verdict as vindication after more than sixteen years, saying the IPL’s move to South Africa helped save and grow the league and that he acted in good faith.
