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SRK quizzed by ED over alleged irregularities in KKR shares

SRK
SRK

Shah Rukh Khan has been quizzed by the Enforcement Directorate (ED), today, over the alleged undervaluation of shares of his co-owned IPL cricket team, Kolkata Knight Riders (KKR).

According to NDTV, yesterday, Khan responded to the second summons in six months issued by the ED in mid-October pertaining to the probe into the alleged irregularities in the sale of shares of Knight Riders Sports Pvt. Ltd (KRSPL) to a Mauritius-based company.

The ED is investigating whether the shares of the team were allegedly undervalued as it could be violative of the provisions of the Foreign Exchange Management Act (FEMA).

Earlier, the ED had served a notice to Khan in May this year but the actor did not appear before the agency.

It is alleged that five million shares of KRSPL were sold to Mehta’s Mauritius-based company, Sea Islands Investments Ltd., in 2008 and were reportedly undervalued by eight-nine times.

In 2011, Khan was directed to provide relevant documents including the purchase of players, revenues, advertising details and the team’s shareholding pattern.