Jaipur IPL Cricket Private Limited, which owns the team Rajasthan Royals in the Indian Premier league, had to shell out 15 Crores INR as a part payment of the 100 Crore penalty imposed on them by the Enforcement Directorate two years ago.
An officer of the agency confirmed the reception of the payment from the organisation’s side, as per the Bombay high Court’s direction to make the part payment before they could begin the proceedings regarding the petition filed by the organisation challenging the Enforcement Directorate.
ED slammed the penalty in February 2013 on JIPL and its foreign investors for the violation of Foreign Exchange Management Act, stating that the investments were disbursed much prior to the incorporation of the company and cited sporadic remittance of funds and seeking of shares in contravention of FEMA.
The penalty imposed on the JIPL is over Rs 50 crore, while that on Mauritius-based EM Sporting Holding and its directors is Rs 34 crore and on UK based MD investments and its directors is Rs 14.5 crore.