High Court Rules Maximum Penalty for Offence in IPL Franchise Bidding Unjustified Due to Lack of Justification.

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....Levy of penalty - Offence under FEMA - bidding process for the IPL franchise organised by the BCCI - We are in agreement with the finding of the Tribunal that in the absence of any discussion or justification pertaining to the basis for imposing the maximum penalty and juxtaposing this with the alleged acts attributed to each individual, the order of the Special Director is unsustainable. - HC....