Shah Rukh Khan has gotten into another controversy as a show cause notice has been issued to him and wife by the Enforcement Directorate (ED) for violating Foreign Exchange Manage Act (Fema) rules.
According to Indian media, the IPL team apparently sold their shares for lower prices in 2009 to a Mauritius-based company, The Sea island Investment Ltd which is owned by Juhi Chawla's husband Jay Mehta, that led to a loss of Rs 73.6 crore to the government.
It is also reported that the ED had earlier recorded King Khan’s statement in the case in November 2015. After proper investigations, the agency filed a complaint against the co-owners of IPL team Kolkata Knight Riders and are expected to be called for their final hearing in the next two weeks.
Penalty vis-a-vis the loss will then be decided. The penalty amount is said to be triple times the amount valued as a loss.
As per Indian media, SRK has been summoned twice by the ED earlier.
Khan reportedly told the officials that the ILP and KKR were not making any profit and based on that they evaluated the share prices at the point and also discredited the allegations of wrongdoings, but somehow it seems that the officials were not satisfied with his explanations.