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FEMA Penalty: SC Rejects Lalit Modi's Plea Demanding BCCI Indemnify Him
Foreign Exchange Management Act: The Supreme Court on Monday refused to entertain a plea fled by former IPL head Lalit Modi seeking a direction to the BCCI (Board of Control for Cricket in India) to pay a penalty of Rs 10.65 crore imposed on him for alleged violation of the Foreign Exchange Management Act (FEMA).
A Bench of Justices P.S. Narasimha and R. Mahadevan declined to interfere with a decision of the Bombay High Court turning down his writ petition seeking a direction to the BCCI to pay this penalty imposed by the Enforcement Directorate (ED) for purported infraction of the foreign remittance law during the 2009 IPL season held in South Africa.
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