Bollywood superstar and Kolkata Knight Riders co-owner Shah Rukh Khan was again summoned by the Enforcement Directorate (ED) for allegedly violating Foreign Exchange Management Act (FEMA) norms. The ED had earlier sent a notice to Shah Rukh Khan in May 2015.
The Kolkata Knight Riders Sports Pvt Ltd, co-owned by Shah Rukh Khan, Juhi Chawla and her husband Jay Mehta, is suspected to have violated FEMA norms by undervaluing its shares in a transfer deal.
The actor is said to have sought more time to appear before the ED, citing that he is out of town for a few days.
The matter pertains to the 2008 share transfer, audited by an external firm in 2014. It noted that shares sold to Jay Mehta-owned Sea Island Investment were 8-9 times undervalued by Knight Riders Sports Pvt Ltd.
This would be the second round of questioning of SRK by ED after 2011 on the KRSPL deal for the alleged forex violation of around Rs 100 crore.
The share transfer is believed to have happened in 2008-09 and the agency is probing KRSPL deal since 2010 under Foreign Exchange Management Act (FEMA).
So far, investigation revealed that the value of shares issued to the Mauritius-based SIIL was not in line with pricing guidelines.