Vikas mehta

Foreign Exchange Management Act: Former IPL head Lalit Modi has approached the Supreme Court seeking a direction to the BCCI (Board of Control for Cricket in India) to pay a penalty of Rs 10.65 crore, slapped on him by the ED, on his behalf.

Earlier, the Bombay High Court had turned down Lalit Modi’s petition seeking a direction to the BCCI to pay this penalty imposed on him by the Enforcement Directorate (ED) for purported infraction of the Foreign Exchange Management Act (FEMA) during the 2009 IPL season held in South Africa.