Shah Rukh Khan summoned by ED for alleged forex violation | bollywood | Hindustan Times
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Shah Rukh Khan summoned by ED for alleged forex violation

The ED issued a notice to the 49-year-old actor over alleged irregularities in the valuation of shares of Knight Riders Sports Limited that were transferred to Mauritius-based Sea Island Investment Limited.

bollywood Updated: Oct 27, 2015 11:08 IST
HT Correspondent
Shah Rukh Khan has been summoned for the third time by Enforcement Directorate over alleged FEMA violations.
Shah Rukh Khan has been summoned for the third time by Enforcement Directorate over alleged FEMA violations.

Bollywood star Shah Rukh Khan has again been summoned by the Enforcement Directorate (ED) over alleged foreign exchange violations related to his ownership of the IPL team Kolkata Knight Riders, media reports said on Tuesday. This is the third time that the Bollywood actor has been summoned in the case.

The ED issued a notice to the 49-year-old actor over alleged irregularities in the valuation of shares of Knight Riders Sports Limited that were transferred to Mauritius-based Sea Island Investment Limited, the reports said.

“Khan had failed to appear in the earlier summons issued to him due to his busy shooting schedules. He is required to be present before the agency by first week of November,” a source told DNA.

“Shah Rukh’s presence is required to conclude the investigation. Only after this we could raise the demand order and show cause notice (SCN) against the said violation,” the ED official said.

“The agency has recorded statements of other KKR shareholders Juhi Chawla and her husband Jay Mehta in May this year. But Khan could not make it till now, as he is busy shooting,” the official further added.

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The actor was questioned once before on money from foreign tax havens allegedly being invested in the multi-crore Indian Premier League (IPL). It was reported in March that the ED had stumbled on audit findings indicating forex violations of around Rs 100 crore related to the Kolkata Knight Riders.

An audit done by Choksi & Choksi for the ED concluded that the transfer of shares between Knight Riders Sports Pvt Ltd and Jay Mehta-owned Sea Island Investment was undervalued by the entities involved, media reports had said.