A file photo of Shah Rukh Khan.
Mumbai:
For the second time in six months, the Enforcement Directorate (ED) has sent a notice summoning Shah Rukh Khan in connection with the valuation of shares of his co-owned IPL cricket team, Kolkata Knight Riders, revealed sources in Mumbai on October 27.
The Enforcement Directorate is investigating whether the shares of the team were allegedly undervalued as it could be a violation of the provisions of Foreign Exchange Management Act (FEMA).
Earlier, the Enforcement Directorate had served a notice to the team in May 2015, but Shah Rukh had not appeared before the agency.
Before that, Shah Rukh was quizzed in 2011 for allegations that KKR had received illegal money transferred from certain foreign tax havens.
The company, Knight Riders Sports Pvt Ltd, which runs the KKR team, is jointly owned by Shah Rukh, actress Juhi Chawla and her husband Jay Mehta. (Also Read: Shah Rukh Khan's Hilarious Reply When AbRam Asked Him Why KKR Lost)
It is alleged that five million shares of Knight Riders Sports Pvt Ltd were sold to Mr Mehta's company, Sea Islands Investments Ltd, based in Mauritius in 2008 and were reportedly undervalued.
Shah Rukh is busy shooting for Dilwale in Hyderabad and sought time to appear before the investigating agency which has not set any deadline for the appearance.
In 2011, Shah Rukh was directed to provide relevant documents including documents related to the purchase of players, revenues, advertising details and the team's shareholding pattern.
The Enforcement Directorate is investigating whether the shares of the team were allegedly undervalued as it could be a violation of the provisions of Foreign Exchange Management Act (FEMA).
Earlier, the Enforcement Directorate had served a notice to the team in May 2015, but Shah Rukh had not appeared before the agency.
Before that, Shah Rukh was quizzed in 2011 for allegations that KKR had received illegal money transferred from certain foreign tax havens.
The company, Knight Riders Sports Pvt Ltd, which runs the KKR team, is jointly owned by Shah Rukh, actress Juhi Chawla and her husband Jay Mehta. (Also Read: Shah Rukh Khan's Hilarious Reply When AbRam Asked Him Why KKR Lost)
It is alleged that five million shares of Knight Riders Sports Pvt Ltd were sold to Mr Mehta's company, Sea Islands Investments Ltd, based in Mauritius in 2008 and were reportedly undervalued.
Shah Rukh is busy shooting for Dilwale in Hyderabad and sought time to appear before the investigating agency which has not set any deadline for the appearance.
In 2011, Shah Rukh was directed to provide relevant documents including documents related to the purchase of players, revenues, advertising details and the team's shareholding pattern.
