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.
![[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.