Shahrukh Khan’s KKR summoned over alleged forex violation

Sidharth Gulati / 13 May 2015

Kolkata Knight Riders (KKR) owner Shahrukh Khan has been summoned by the Enforcement Directorate (ED) over alleged violation of foreign exchange rules (forex) in connection with the Indian Premier League (IPL).

It has been learnt that a summon has been issued to SRK and other promoters of the KKR as the episode is related to undervaluation of shares of KKR and forex violation.

It has been found that the SRK’s company did a forex violation of around Rs 100 crore. A recent audit also showed that shares sold to a private company based in Mauritius had been undervalued. The issue has been under investigation by ED since 2010-11.

SRK now has been ordered to appear by May end before the ED in Mumbai.

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