London, July 21 -- Stating that the Appellate Tribunal under SAFEMA has set aside the penalties imposed on him in the principal FEMA proceedings relating to the IPL South Africa in 2009, Founder and ex-chairman of Indian Premier League (IPL), Lalit Modi on Tuesday asserted that the core allegations have been rejected and the judgment is not just personal vindication.

In a statement posted on X, Lalit Modi said the Appellate Tribunal under SAFEMA (Smugglers and Foreign Exchange Manipulators Act) has delivered its judgment after more than sixteen years of investigations, proceedings and litigation arising from the hosting of the 2009 Indian Premier League in South Africa.

"The Tribunal has rejected the central premise on which the Enforce...