JUDGMENT :

Neela Gokhale, J.

1. These Appeals under Section 35 of the Foreign Exchange Management Act, 1999 (“FEMA”) are directed against order dated 11th July 2019 passed by the Appellate Tribunal for SAFEMA, FEMA, NDPS, PMLA & PBPT Act (“the Tribunal”), modifying the order passed by the Special Director of Enforcement to the extent of reducing the quantum of total penalty imposed upon the Appellants which totaled to Rs.98.35 Crores to Rs.15 Crores only. The Tribunal has thus held that the amount of Rs.15 Crores already deposited by Appellants pursuant to the directions of this Court dated 21st January 2015 is reasonable and the same be treated as penalty for the contravention of the Act as held by the Tribunal.

2. The facts emerging from the Appeals are:

(a) On receipt of information, inquiries were initiated by the Mumbai Zonal Office of the Directorate of Enforcement in the functioning of the Twenty-Twenty cricket tournament popularly known as ‘the Indian Premier League’ (“IPL”) organized by the Board of Control for Cricket in India (“BCCI”). BCCI was called upon to furnish cer