Indian Premier League (IPL) founder and former chairman Lalit Modi has announced that he plans to return to India after 16 years, following a favourable ruling by the Appellate Tribunal in the long-running Foreign Exchange Management Act (FEMA) case related to the 2009 IPL season held in South Africa.
Modi, who has been living outside India since 2010, said the tribunal's decision marked the end of a legal battle that lasted more than a decade and a half. He added that he is likely to return to India by the end of this year or in early 2027.
The Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) set aside most of the Enforcement Directorate's (ED) findings and penalties against Modi and other appellants in the principal proceedings concerning the 2009 IPL season.
In its judgment delivered on July 16, the tribunal held that there was insufficient material to establish that Modi was responsible for the alleged FEMA violations in the principal proceedings.
The tribunal also ruled that the foreign remittances made for conducting the IPL in South Africa constituted current account transactions rather than capital account transactions, rejecting the central basis of the ED's case.
The matter dates back to 2009, when the IPL was shifted from India to South Africa after the tournament's schedule coincided with the Indian general elections, raising concerns over security arrangements.
The Enforcement Directorate later initiated proceedings, alleging that foreign exchange remittances made for organising the tournament overseas required prior approval from the Reserve Bank of India (RBI) under FEMA regulations.
The tribunal's ruling has now overturned the principal findings in that case.
Reacting to the judgment, Modi described the verdict as the culmination of a 16-year legal fight.
He said he was pleased that the tribunal had ruled in his favour and maintained that his decisions during the 2009 IPL were taken with the interests of the tournament in mind.
According to Modi, the tribunal rejected the central premise of the Enforcement Directorate's case by holding that the remittances in question were current account transactions, thereby overturning the foundation of the earlier findings.
He also said the verdict allows him to move forward after years of litigation.
Speaking about his future plans, Modi said he expects to return to India after the birth of his grandson, who is due later this year.
He stated that he is likely to come back either towards the end of 2026 or early in 2027.
Lalit Modi is widely regarded as the architect of the Indian Premier League and served as its inaugural chairman and commissioner. Under his leadership, the IPL quickly became one of the world's most successful and commercially valuable T20 cricket leagues.
However, he left India in 2010 after facing multiple investigations by the Enforcement Directorate, the Board of Control for Cricket in India (BCCI) and the Income Tax Department over allegations relating to financial irregularities and governance issues.
The tribunal's latest ruling provides significant relief to Modi in the FEMA proceedings connected to the 2009 IPL season. However, the judgment pertains specifically to the principal FEMA case, and any other legal or regulatory matters involving him remain subject to their respective proceedings.
Sources: India Today
