SRK summoned by ED for FEMA Violation

24 July, 2017, 07:47 | Author: Pamela Mathis
  • Shah Rukh Khan in a still from Om Shanti Om

Enforcement Directorate has summoned Bollywood superstar and Kolkata Knight Riders co-owner Shah Rukh Khan over the Foreign Exchange Management Act (FEMA) violation case pertaining to the Indian Premier League (IPL), media reports said on Thursday.

According to the agency, Shah Rukh Khan had formed a separate company, Kolkata Knight Riders Pvt Ltd from his Red Chillies entertainment, before purchasing the team in 2008.

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He initially owned the shares along with Gauri Khan, but subsequently issued an additional two crore shares, 50 lakh of which were issued to The Sea Island Investment Ltd, Mauritius, and 40 lakh to Juhi Chawla.

In March, the agency had issued a show-cause notice to SRK and his wife Gauri, actor-friend Juhi Chawla and others. The ED had, in March, hired corporate firm Chokshi & Chokshi to audit the value of shares of the various IPL franchises to ensure a correct valuation of the prices that the shares were sold for.

ED sources said that the notice has been sent to the actor.

Deepika Padukone featured opposite SRK in Om Shanti Om
Deepika Padukone featured opposite SRK in Om Shanti Om

The notices were served under Rule 4 (1) of Foreign Exchange Management (Adjudication Proceedings and Appeal Rules), 2000 and the Special Director of ED, a quasi-judicial authority, will hold a hearing.

In 2008, RCEPL formed a special objective vehicle namely M/s Knight Riders Sports Ltd for the goal of acquiring IPL franchise rights of Kolkata Knight Riders. Ltd. was with Red Chillies Enterprises and Gauri Khan. Ltd. formed a special goal vehicle, M/s. Knight Riders Sports Pvt Ltd (KRSPL), to acquire IPL franchise rights of the cricket team named "Kolkatta Knight Riders", said sources.

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.

During the investigation, the agency found that Khan owned a company Red Chillies Enterprises Private Limited, which is a wholly-owned subsidiary of Red Chillies International Limited based in Bermuda.

"So, TSIIL got 90 lakh shares at par value of Rs 10 while the actual cost of share at the time of sale was between Rs 86 Rs 99 per share".

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