New Delhi, July 21 -- The Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators - Forfeiture of Property - Act (SAFEMA) has given major relief to the Board of Control for Cricket in India (BCCI), former IPL chairman Lalit Modi and other appellants by setting aside most of the Enforcement Directorate's (ED) findings and penalties in the 2009 IPL South Africa FEMA case.

A bench of Chairman Justice Munishwar Nath Bhandari and Member Rajesh Malhotra partly allowed the appeals against the ED's order dated May 31, 2018, which had imposed penalties on BCCI, Lalit Modi, N Srinivasan, M P Pandove, the State Bank of India and its former Chief Manager A K Nazeer Khan for alleged violations of the Foreign Exchange Management Act (...