ED summons Shah Rukh Khan in IPL FEMA case, seeks his personal appearance

NEW DELHI: The Enforcement Directorate on Thursday summoned Shah Rukh Khan and sought his personal appearance on July 23, in connection with IPL franchise Kolkata Knight Riders FEMA case. The summon was issued in connection with alleged loss of Rs 73.6 crore foreign exchange in a FEMA case related to the T-20 cricket league IPL. Earlier in March, the ED has issued show-cause notice against Kolkata Knight Riders Sports Pvt. Ltd. and Shah Rukh's wife, Gauri Khan, for allegedly violating foreign exchange rules. The agency had issued the notice under the Foreign Exchange Management Act, Adjudication Proceedings and Appeal, Rules, 2000, in connection with the share sale of KRSPL, the franchise owned by Shah Rukh Khan's company, Red Chillies Entertainment Pvt. Ltd, in partnership with actor Juhi Chawla and her husband Jay Mehta. The agency had also issued a summons on the matter to Shah Rukh Khan in 2015 and on a previous occasion before then. The matter pertains to a 2008 share transfer, which was audited by an external firm in 2014. It noted that shares sold to the Jay Mehta-owned Sea Island Investment were eight to nine times undervalued by KRSPL. The share transfer is believed to have taken place in 2008-09. Under FEMA, the agency has been investigating the KRSPL deal since 2010. (With inputs from agencies)