India, July 22 -- Former Indian Premier League chairman Lalit Modi has welcomed the Appellate Tribunal's verdict granting him major relief in the 2009 Foreign Exchange Management Act case linked to the staging of IPL 2 in South Africa.

The Appellate Tribunal under SAFEMA set aside the penalties imposed on Modi in the principal proceedings, ruling that there was no material establishing that he was responsible for the alleged violations. The judgment was delivered on July 16.

The case arose after IPL 2009 was moved from India to South Africa because the tournament clashed with the general election. The proceedings concerned foreign exchange remittances made for staging the competition abroad, allegedly without prior approval from the Res...