Rs 73.6 crore IPL T20 league linked FEMA case: ED summons Shah Rukh Khan on August 23

By: | Updated: July 20, 2017 11:37 PM

The Enforcement Directorate has today issued summons against actor Shah Rukh Khan in a Foreign Exchange Management or FEMA case related to his cricket team Kolkata Knight Riders.

IPL, IPL T20, IPL T20 league, FEMA case, Shah Rukh Khan, Kolkata Knight Riders, cricket team, IPL cricket team, T20 cricket team, Enforcement Directorate, Foreign Exchange Management, IPL T-20 cricket leagueEarlier on March 24, ED had issued a show cause notice against him, his wife Gauri Khan and actress Juhi Chawla. (Reuters)

The Enforcement Directorate has today issued summons against actor Shah Rukh Khan in a Foreign Exchange Management or FEMA case related to his cricket team Kolkata Knight Riders. Earlier on March 24, ED had issued a show cause notice against him, his wife Gauri Khan and actress Juhi Chawla. According to the NDTV report, he will have to present himself before the agency on August 23 for questioning. However, there is no news about such action against Chawla. Officials told PTI that the FEMA case is for alleged loss of Rs 73.6 crore foreign exchange related to the IPL T-20 cricket league.

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. Initially, all the shares were bought under Gauri Khan’s name as she is the director of the company but after the success of the team about 2 crore new shares were brought out of which 40 lakh shares were given to Juhi Chawla, which invited trouble for Chawla also because the shares were sold to her at par value of Rs 10 against the actual value.

Chawla got these shares at Rs 10 per unit and she subsequently sold these to Mauritius based M/s. TSIIL at the same price while the actual value of that shares was ranging between Rs 86 to Rs 99 per share at the point of time, reports PTI. Khan had bought the KKR in 2008 before IPL’s first season and since then it has become one of the richest teams in terms of brand value.

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