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Shah Rukh Khan gets third ED summons for alleged FEMA violation

Shah Rukh Khan gets third ED summons for alleged FEMA violation

New Delih: Actor Shah Rukh Khan was issued a third summons by the Enforcement Directorate (ED) in connection with the share sale of his Indian Premier League (IPL) team Knight Riders Sports Pvt Ltd (KRSPL).

The KKR franchise is co-owned by the actor's company Red Chillies Entertainment Pvt Ltd, Juhi Chawla and her husband Jay Mehta.

An external audit by the ED in 2014 concluded that Mehta-owned Sea Island Investments' shares were undervalued during a transfer transaction by Knight Riders Sports Pvt Ltd in 2008.

The agency has been investigating the KRSPL deal since 2010 under Foreign Exchange Management Act (FEMA).

“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," an ED official was quoted as saying by the newspaper.

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.

ED had questioned Khan once before on the KRSPL deal, which alleged involves a forex violation of around Rs 100 crore.