India, July 22 -- In a major relief to former Indian Premier League (IPL) chairperson, Lalit Modi, a tribunal has set aside a penalty order issued by the Enforcement Directorate (ED) against him, the Board of Control for Cricket in India (BCCI) and some others in a 15-year-old FEMA case relating to hosting of the 2009 T-20 cricket tournament in South Africa.

The 2009 tournament was moved to South Africa due to security concerns for the game due to the general elections in India that year. The BCCI had moved funds to South Africa for the event, which the ED considered a violation of the Foreign Exchange Management Act (FEMA).

The order setting aside the ED's 2018 penalty was delivered by the appellate tribunal under SAFEMA (Smugglers and...