Shah Rukh Khan Gets Notice For IPL Forex Violations!

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Shah Rukh Khan and wife Gauri Khan asked to appear before the ED for IPL forex violations case.

A notice by the Enforcement Directorate (ED) has been sent to Bollywood superstar Shah Rukh Khan and his wife Gauri Khan for violating Foreign Exchange Management Act (FEMA) rules. As per media reports, the couple has to appear before it personally on August 23, in an ongoing FEMA case. Earlier, Shah Rukh Khan had appeared twice before the ED in 2011 and 2015 to record his statement. Reportedly, after the hearing of the case and actor’s statement on it, further actions regarding the penalties will be taken.

To uninitiated, SRK, who is also the co-owner of the IPL team Kolkata Knight Riders with Juhi Chawla’s industrialist husband Jay Mehta, allegedly violated several money transaction rules. The reason for the same was said to be that Kolkata Knight Rider’s team shares were undervalued than what it was officially quoted on papers.

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In 2009, the KKR team promoters had allegedly sold their shares at lower prices to a Mauritius-based firm, Sea Island Investment Ltd (TSIIL), which is owned by Chawla’s industrialist husband Jay Mehta. But according to the ED, SRK’s production company, Red Chillies, owned the entire shareholding of KKR. After the success of IPL, 50 lakh shares were issued to TSIIL and 40 lakh shares to Chawla.

As per TOI report, these shares were allotted at a par value of Rs 10, though the actual value was much higher. Juhi Chawla sold her 40 lakh shares to her husband’s company at the same rate. Hat’s how TSIIL got 90 lakh shares of KKR at Rs 10 per share when the actual cost of each share ranged between Rs 86 and Rs 99.

As reported by TOI, Shah Rukh Khan earlier during an investigation has denied any wrongdoing and stated that valuation of shares increased later. However, the ED investigated the violations on the basis of documents, which it concluded the forex loss of around Rs 73 crore in foreign exchange.

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