Shah Rukh Khan, Juhi Chawla issued a show cause notice for violating FEMA rules

ED issues a show cause notice to Shah Rukh Khan, wife Gauri Khan and Juhi Chawla alleging that they have violated the Fema rules.

Updated on Mar 26, 2017   |  03:31 PM IST  |  330.4K
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Kolkata Knight Riders' promoters Shah Rukh Khan, wife Gauri Khan and actor Juhi Chawla have been issued a show cause notice by the Enforcement Directorate (ED) for violating Foreign Exchange Manage Act (Fema) rules.

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. 

The ED had earlier recorded SRK's statement in the case in November 2015. After proper investigations, the agency filed a complaint against the IPL team co-owners 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 loss.

Shah Rukh 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. He refuted allegations of wrongdoings, however, it seems the officials were not satisfied with his explanations.

According to the ED, Red Chillies, the company owned by SRK and Gauri owned the entire shareholding of KKR, however, the duo issued a part of their shares to TSIIL and Juhi. The shares were allotted at lower prices, alleged ED. 

It's however, not clear when King Khan along with others will record his statement. 

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Top Comments
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Anonymous
Mar 26, 2017
Why are you dragging Ajay's name into this. Why not just mention anyone and their brother and third cousin to cloud the issue.
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Anonymous
Mar 25, 2017
Your post is missing a picture of Gaauri Khan? Is she going along with her husband or he is going along with her in their productions and business affairs?
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Anonymous
Mar 25, 2017
Nothing happened to panama papers for amitabh and aishwariya...and fema violation isn't such a huge criminal act as someone has posted here
Anonymous
Mar 25, 2017
My hair stood on end, some time last year I stumbled on a financial newspaper exploring how Manipulation King does it, money flying faster than jets, complex holdings, titles, you need a degree in finance to fathom. He is scary clever. Hopefully he and Gauri can go to some remote island they can buy in their old age. And wait for it, 3, 2,1 some dumb fan is going to write, awwww, big bad government going after our SRK,what vultures. Hah. Nest might be on the other side.
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Anonymous
Mar 25, 2017
Manipulation King
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