KKR owner Shah Rukh Khan summoned over alleged FEMA violence in IPL

Mangalore Today News Network

New Delhi,Jul 20, 2017 : The Kolkata Knight Riders co-owner Shah Rukh Khan has been summoned by the Enforcement Directorate for an alleged foreign Foreign Exchange Management Act (FEMA) violation linked to the Indian Premier League (IPL).

 

According to reports, the law enforcement agency has sought the actor’s personal appearance on Sunday. The case involves sale of some shares of Knight Riders Sports Private Limited (KRSPL), which runs the two-time IPL champions, to a Mauritius-based firm at a cost lower than their actual value.

It’s also reported that the undervaluation of the entity has led to a loss of foreign exchange to the extent of Rs. 73.6 crore.

In March, the agency had issued a show-cause notice to SRK and his wife Gauri, actor-friend Juhi Chawla and others. But Bollywood superstar had not appeared before the agency.

Gauri is a Director of KRSPL, while SRK and Chawla are the co-owners of the Kolkata-based franchise.

It’s also pertinent to mention that he was quizzed for allegations that KKR had received illegal money transferred from certain foreign tax havens in 2011.

The agency first began investigation against the IPL franchise and its owners in 2008-09. Normally, a show-cause notice under FEMA laws is issued when the investigation gets completed.


courtesy:Zeenews