2008 IPL bid funds scrutinized for FDI compliance; automatic route denied, penalties reduced despite bona fide claims.

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....FDI - Automatic route or not - Inward remittances made into India in the year 2008, through normal banking channels - bidding of IPL - The present case cannot be compared with another case of sport event, as the facts and circumstances were materially different - whether it is a bona-fide or not, but violation has occurred - after refusal of approval for two times, the appellants cannot be allowed to take the benefit of automatic route - Penalties are exorbitant, hence reduced.....