The Enforcement Directorate issued Show Cause notices to the owners of IPL Franchise Kolkata Knight Riders Shahrukh Khan, Gauri Khan and actress Juhi Chawla for alleged violation of FEMA guidelines.
Shahrukh Khan bought IPL Franchise in 2008 on behalf of the company Kolkata Knight Riders Pvt Ltd for Rs 75 Million. His Wife Gauri Khan is the Director of the franchise. After the initial success, The company brought out 2 crore new shares and offered 40 lakh shares to Juhi Chawla and 50 lakh shares for Mauritius-based The Sea Island Investment Ltd (TSIIL) at a price of Rs 10 per Share. Wheras, Actual cost is about Rs 86 to Rs 99 per Share. This lead to a loss of up to Rs 73.6 crore in foreign exchange.
Enforcement Directorate has given 15 days time for the KKR Owners to respond on the Show Cause notices. This development is certainly going to trouble them ahead of the 10th Edition of the IPL.
Shahrukh Khan bought IPL Franchise in 2008 on behalf of the company Kolkata Knight Riders Pvt Ltd for Rs 75 Million. His Wife Gauri Khan is the Director of the franchise. After the initial success, The company brought out 2 crore new shares and offered 40 lakh shares to Juhi Chawla and 50 lakh shares for Mauritius-based The Sea Island Investment Ltd (TSIIL) at a price of Rs 10 per Share. Wheras, Actual cost is about Rs 86 to Rs 99 per Share. This lead to a loss of up to Rs 73.6 crore in foreign exchange.
Enforcement Directorate has given 15 days time for the KKR Owners to respond on the Show Cause notices. This development is certainly going to trouble them ahead of the 10th Edition of the IPL.