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ED orders SRK’s presence in FEMA case

ED orders SRK’s presence in FEMA case

Mumbai: Enforcement Directorate (ED) today has ordered actor Shah Rukh Khan’s presence on July 23, in connection with Kolkata Knight Riders (KKR) FEMA case.

The case is in relation to the sale of some shares of Kolkata Knight Riders Sports Private Limited
(KRSPL) to a Mauritius-based firm at a cost lower than their actual value, reports ET.

The case is against Shah Rukh Khan, his wife Gauri, actor-friend Juhi Chawla and others for alleged loss of Rs 73.6 crore foreign exchange in the Foreign Exchange Management Act (FEMA) case related to the T-20 cricket league IPL.

SRK was sent a show-cause notice by ED earlier in March for “contravention of provisions of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 made under the Foreign Exchange Management Act”.

SRK’s company Red Chillies-which owns KRSPL-had 9,900 shares in 2008 with a price of each around
Rs70-86, but the shares were issued at a price of Rs 10 each, said a report prepared by an external agency of Enforcement Directorate.