New Delhi [India]: The Enforcement Directorate (ED) has started adjudication proceedings against Kolkata Knight Rider franchise owner Shah Rukh Khan, in connection with a KKR-related FEMA case.
Adjudication proceeding, as per the agency, means seeking more clarification in regard to the ongoing case.
Earlier, the Enforcement Director issued a show cause notice to the Badshah of Bollywood, the reply to which, were not sufficient for the agency.
Hence, they have sought a more detailed reply to the notice from the KKR franchise owner.
For the unversed, Khan is being probed on a specific charge of irregularities in the sale of shares of Knight Riders Sports Pvt Ltd (KRSPL), a franchise owned by his company Red Chillies Entertainment, to a Mauritius-based company. The sale, reportedly, resulted in a loss of Rd. 73.6 crore. (ANI)