ED questions Shah Rukh Khan over alleged FEMA violations
ED questions Shah Rukh Khan over alleged FEMA violations
The Enforcement Directorate had served a notice to Shah
Rukh in May this year but the actor did not appear before the agency.
Shah Rukh responded to the second summons in six months
issued by the ED
The Enforcement Directorate has recorded the statement of
Bollywood actor Shah Rukh Khan in a matter of alleged irregularities in the
sale of shares of Knight Riders Sports Pvt Ltd (KRSPL) to a Mauritius-based company
owned by Juhi Chawla's husband Jay Mehta.
The issue pertains to the summoning of the SRK regarding
his share sale of Knight Riders Sports Pvt Ltd (KRSPL), which is owned by Red
Chillies Entertainment Pvt Ltd, in partnership with actress Juhi Chawla and her
husband Jay Mehta.
The above share transfer happens in year 2008-09 but
still comedy is that ED is not able to solve this case in 7 years.
TOI reported that at the time of incorporation in 2008,
Red Chillies had 9,900 shares of KRSPL. The valuation report, made by ED's
external agency last year, said that when the equity shares of KRSPL were
issued to Sea Island Investments, the fair value per equity share of KRSPL
should have been between Rs 70-86. However, the shares were issued at a value
of Rs 10 each.
The ED is investigating whether the shares of the team
were allegedly undervalued as it could be violative of the provisions of the
Foreign Exchange Management Act (FEMA).
ED is probing allegations that shares sold to the Jay Mehta-owned
Sea Island Investments were undervalued by eight to nine times.
Prior to that, Shah Rukh was quizzed in 2011 for
allegations that KKR had received illegal money transferred from certain
foreign tax havens.
SRK had faced ED once in 2011 when he was questioned
about alleged foreign exchange violation of around Rs 100 crore.
Can you guess how many years ED will take to solve this
case?
10 years, 50 years or 100 years
Reality views by sm –
Wednesday, November 11, 2015
Tags – SRK FEMA Jay Mehta
