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ED issues Summons to Superstar
By: Tupaki Desk | 27 Oct 2015 6:38 AM GMT
The Enforcement Directorate (ED) issued summons to Bollywood superstar Shahrukh Khan in connection with the alleged violation of Foreign Exchange Management Act (FEMA) norms.
ED believes IPL Franchise Kolkata Knight Riders Sports Pvt Ltd which is co-owned by Shahrukh Khan and Actress Juhi Chawla's husband Jay Mehta has violated FEMA norms with the under-valuation of the shares while transfering them. Enforcement Directorate accuses Shahrukh of undervaluing KKR shares while they were sold out to Jay Mehta's Mauritius Company 'Sea Island Investments Ltd (SIIL) in the year 2008. Even though the KKR's share stood anywhere between Rs 70-99, SRK has transferred his equity shares at just Rs 10 per share to Jay Mehta's Firm.
Reportedly, Shahrukh Khan sought time to appear before the Enforcement Directorate Officials citing he was in Hyderabad to take part in the shooting of his upcoming flick 'Dilwale'.
This is for the second time ED has summoned Shahrukh Khan. It was in May 2015, ED has served notices to B-Town Baadshah in connection with the case.
ED believes IPL Franchise Kolkata Knight Riders Sports Pvt Ltd which is co-owned by Shahrukh Khan and Actress Juhi Chawla's husband Jay Mehta has violated FEMA norms with the under-valuation of the shares while transfering them. Enforcement Directorate accuses Shahrukh of undervaluing KKR shares while they were sold out to Jay Mehta's Mauritius Company 'Sea Island Investments Ltd (SIIL) in the year 2008. Even though the KKR's share stood anywhere between Rs 70-99, SRK has transferred his equity shares at just Rs 10 per share to Jay Mehta's Firm.
Reportedly, Shahrukh Khan sought time to appear before the Enforcement Directorate Officials citing he was in Hyderabad to take part in the shooting of his upcoming flick 'Dilwale'.
This is for the second time ED has summoned Shahrukh Khan. It was in May 2015, ED has served notices to B-Town Baadshah in connection with the case.
