Bombay high court allows lowering of Jaipur IPL Cricket fine from Rs 98 crore to Rs 15 crore
Thursday, 14 December 2023 The Bombay high court dismissed appeals by the Enforcement Directorate (ED) and upheld a tribunal order reducing the penalty on Jaipur IPL Cricket Pvt Ltd (JIPL) from Rs 98 crore to Rs 15 crore under FEMA. The court stated that the tribunal order was not perverse and related to deposits made by JIPL and its directors during the IPL bidding process, which violated FEMA provisions. The ED had initiated a probe into IPL irregularities and imposed a penalty of over Rs 98 crore, later reduced to Rs 15 crore by the tribunal.
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Thursday, 14 December 2023
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