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ED questions SRK alleged IPL financial irregularities

Wed, Nov 11, 2015, 02:23 PM
Hyderabad, Nov 11: The Enforcement Directorate had questioned Hindi film actor Shah Rukh Khan with reference to alleged undervaluation of the shares of the company that operates his IPL team, Kolkata Knight Riders, sources said.

In addition to SRK, Juhi Chawla and her husband Jay Mehta are the co-owners of the Knight Riders Sports Private Limited (KRSPL). The ED also summoned the two for questioning.

The ED has alleged that at least five million shares of KRSPL were said to have been undervalued when they were sold to Mehta's company, Sea Islands Investments Ltd, which is based in Mauritius, in 2008.

If the shares were undervalued it could be a violation of the provisions of Foreign Exchange Management Act (FERA).
Agency: Ap7am Desk

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