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Lalit Modi Cleared In Key 2009 IPL South Africa Case After Tribunal Verdict

Former chairman Lalit Modi was cleared in the principal proceedings arising from the 2009 Indian Premier League's staging in South Africa after the Appellate Tribunal under SAFEMA set aside the penalties imposed on him, rejecting the Enforcement Directorate's core case that the foreign remittances were capital account transactions.Announcing the verdict after more than 16 years of investigations, proceedings, and litigation, Modi said the tribunal found that the main remittances related to IPL 2009 were current account transactions. It also determined that he was not responsible for the BCCI's statutory FEMA compliance or given the financial authority as alleged by the Enforcement Directorate. Calling it the end of the largest legal dispute stemming from the 2009 South Africa edition of the IPL, Modi said, "This marks the end of what has been the single most significant legal matter arising from the 2009 South Africa IPL." He added, "For over sixteen year...
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Zerodha's Nithin Kamath Reveals How He Built His Company From Scratch

Zerodha CEO Nithin Kamath on Friday took to Twitter to share his journey of how a successful business can be built without the help of too many external factors. 

Mr Kamath recently received the "Entrepreneur of the Year" award from the Union Finance Minister Nirmala Sitharaman. Later, he took to Twitter to share how he built his company Zerodha, that too without following the norm. 

"No Business Background. No Pedigree education across the team. No VC/PE. No Advertising spending. No Spamming customer. @zerodhaonline is an example that a successful business can be built by not following the norm, by average folks with common sense wanting to solve a problem," Mr Kamath wrote on Twitter.

Take a look below: 

Mr Kamath's brother Nikhil Kamath congratulated him on winning the "Entrepreneur of the Year" award. "Congratulations brother, u deserve this and so much more," he wrote on Twitter.

Ankur Warikoo, a Youtuber and influencer, also extended greetings to Nithin Kamath for receiving the award. He stated that Zerodha's success is critical because it will show the world how this model too can win. 

"I often say this - Zerodha's success is critical because it will show the world how this model too can win. And should win. Congratulations to the entire team," he tweeted. 

Also Read | Jack Dorsey Criticises Elon Musk, Says He Should've Walked Away From Twitter Deal

Sunil Minglani, a stock market psychologist, also said, "Education is overrated, Integrity is underrated. Congrats Nithin". 

"Absolutely agree! It's inspiring to see businesses succeed without conforming to traditional norms. @zerodhaonline is a testament to the power of creativity, determination, and problem-solving. Proof that with hard work, anything is possible," Jayjit Biswas, Founder of Elite Web3Forum tweeted. 

Notably, earlier this year. Nithin and Nikhil Kamath, co-founders of Zerodha, officially joined the Forbes World's Billionaires List for 2023. The CEO of India's largest stockbroking company, Nithin Kamath, ranked 1104 and has an estimated net worth of $2.7 billion. Meanwhile, Nikhil Kamath, Chief Financial Officer of the company, who also owns the financial management company True Beacon, is ranked 2405 on the list with a net worth of $1.1 billion.
 



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