Will Return to India Soon: Lalit Modi After Tribunal Relief in FEMA Case
SAFEMA Appellate Tribunal sets aside most ED findings in 2009 IPL South Africa case
Former IPL chairman Lalit Modi has said he plans to return to India later this year or early next year after securing relief from an appellate tribunal in a long-running financial case.
Speaking after the verdict, Modi expressed satisfaction over the outcome, saying he had fought the case for 16 years. “I’m really happy with the verdict… whatever I have been saying has finally emerged as the truth,” he said, adding that he was always focused on the well-being of the Indian Premier League.
The Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) granted major relief to Modi and other appellants by setting aside most of the findings and penalties imposed by the Enforcement Directorate in connection with the 2009 IPL South Africa FEMA case.
Modi said he now considers that chapter closed and is looking ahead. “I’m going to move on in my life and I’m looking forward to coming back to India. I will come back probably end of this year or early next year,” he said, adding that he is also expecting the birth of his grandson in October.
The development marks a significant turn in the long-standing legal battle involving Modi, who has been living abroad since 2010.
