SRK gets ED notice for IPL Fema violation
The ED has issued notices for adjudication to actor Shah Rukh Khan and some others in connection with a FEMA case for alleged loss of Rs 73.6 crore foreign exchange related to the IPL T-20 cricket league, officials said.
The actor has been asked to be present before the adjudicating authority of the case on August 23, they said.
The authority, in this case, is a special director-rank officer of the agency.
The accused are issued notices by the authority so that they can participate in the legal hearing and subsequent final decision of the case which, if proven guilty, can lead to up to three times of the penalty on the actual amount of loss.
The case pertains to the show cause notice where the central probe agency had issued notices to Khan, his wife Gauri, actor-friend Juhi Chawla and Knight Riders Sports Private Limited (KRSPL), which owns the Indian Premier League (IPL) team of Kolkata Knight Riders.
The show cause notice had been issued for the sale of some shares of KRSPL to a Mauritius-based firm at a cost lower than their “actual value”, resulting in loss of foreign exchange exchange to the extent of Rs 73.6 crore.
The agency had stated that the notice has been issued for “contravention of provisions of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 made under the Foreign Exchange Management Act”.
While Gauri is a director of KRSPL, Khan and Chawla are the owners of the IPL team KKR. The case pertains to 2008-09 when the ED first began investigation against the IPL franchise and its owners.
Khan and others have been questioned by the ED multiple times in this case and the actor's statement was also recorded under FEMA provisions..