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Shah Rukh's IPL team summoned by the Enforcement Directorate

Bollywood megastar Shah Rukh Khan's IPL team Kolkata Knight Riders have performed extremely well at the  Indian Premier League this season and have proved that they are hard to beat. However, now the team has landed into some off-the-field trouble. The Enforcement Directorate (ED) has found out forex violations by the KKR team of around Rs 100 crore. Being the owner of the team, Shah Rukh Khan has been asked to appear before the Enforcement Directorate by the end of the month.
According to the management, the audit report prepared by Choksi & Choksi for the ED in November 2014, reflected that the transfer of shares between Knight Riders Sports Pvt Ltd (KRSPL) and Jay Mehta, who owned the Sea Island Investment (SIIL), was undervalued by the entities involved. The reports stated that when the transaction occurred between the two, the fair value per equity shares of KRSPL should have been between Rs 70 to Rs 86. However, the equity shares were issued at Rs 10 per share.
The same thing happened during the share transaction of KRSPL from Juhi Chawla Mehta to SIIL. That time as well the fair value per equity share should be between Rs 83 to 99 but was transferred at Rs 10 per share.
Well, this isn't the first time when Shah Rukh Khan is being examined in such a case. He was questioned four years ago in Mumbai too!

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