Today, On The Supreme Court dismissed Lalit Modi’s plea asking BCCI to pay his Rs 10.65 crore FEMA penalty imposed by the ED. However, the bench clarified that he can still seek civil remedies under the law.
The Delhi High Court ruled that the Enforcement Directorate (ED) must provide ‘reasons to believe’ for future arrests, based on the Supreme Court’s direction in the Kejriwal case, but not retroactively. It clarified that violations of FEMA do not exempt individuals from IPC charges, affirming the validity of ED arrests while quashing Delhi Police actions.
![[FEMA Case] SC Rejects NDTV's Plea Against Bombay HC Decision](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/08/image-52-1.png?resize=447%2C367&ssl=1)
Today, On 12th August, The Supreme Court dismissed NDTV’s appeal against a Bombay High Court ruling in a FEMA case, involving compounding applications. NDTV sought to quash compounding proceedings under FEMA, but the court upheld the High Court’s decision. The case concerned alleged violations of foreign exchange regulations by NDTV, related to overseas and foreign direct investment.
![[Masala Bonds Case] Kerala HC Criticizes KIIFB’s Thomas Isaac for Delaying ED Probe](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/07/image-27-4.png?resize=447%2C350&ssl=1)
Today, On 24th July, The Kerala High Court reserved its decision on petitions filed by the Kerala Infrastructure Investment Fund Board (KIIFB) and former State Finance Minister Dr. TM Thomas Isaac regarding the Enforcement Directorate’s (ED) summons in the masala bonds case. The court questioned the delay caused by challenging the summons and highlighted the need for compliance. This ongoing legal battle raises questions about jurisdiction and investigation procedures under the Foreign Exchange Management Act of 1999.
![[Masala Bond Case] "Nothing could have Happened at KIIFB Without Approval of Thomas Isaac": ED to Kerala HC](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/07/image-2024-07-17T215543.224.png?resize=447%2C367&ssl=1)
Today, On 17th June, the Enforcement Directorate revealed to the Kerala High Court that all actions at KIIFB, especially concerning masala bond funds, would have had Thomas Isaac’s endorsement. The ED is investigating alleged irregularities and FEMA breaches in the masala bond issuance and use. The case is scheduled for a hearing on July 19.
![[Masala Bonds Case] "Why only Kerala being probed by ED?": KIIFB to Kerala HC](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/07/image-46.png?resize=447%2C350&ssl=1)
Today, On 4th July, The Kerala Infrastructure Investment Fund Board (KIIFB) challenged the Enforcement Directorate’s (ED) investigation into the Masala Bonds case, arguing that the Reserve Bank of India (RBI) has sole authority over such matters. The case revolves around allegations of FEMA violations, with KIIFB and former State Finance Minister Thomas Isaac contesting summonses issued by the ED. The legal battle continues.
The Delhi High Court rejected Mahua Moitra’s plea to halt the leaking of information about a FEMA investigation to the media. Moitra sought to restrain media houses from publishing unverified content. This decision marks a significant moment in the ongoing legal battle and has broader implications for Moitra’s political career.
The Delhi High Court has reserved its order on TMC leader Mahua Moitra’s plea to stop the Enforcement Directorate from leaking sensitive information to the media regarding a FEMA investigation. Moitra also seeks to restrain media houses from publishing unverified content. The ED denies leaking information, while media houses argue for their right to publish source-based information.
The Kerala High Court urged former Finance Minister Thomas Isaac and the Kerala Infrastructure Investment Fund Board to consider cooperating with summons from the Enforcement Directorate in the Masala Bonds case. Emphasizing a preliminary inquiry and judicial oversight, the court’s proposal aims for a fair process. Legal and financial implications make this a crucial case for Kerala’s development agenda.
