Superstar Shah Rukh Khan was recently summoned by the Enforcement Directorate (ED) over an issue pertaining to Foreign Exchange Management Act (FEMA) violation case that can be traced back to 2008. The actor was questioned for over three hours on the matter that was related to the sale of Kolkata Knight Riders (KKR) shares during the IPL (Indian Premiere League).
In 2008, Shah Rukh Khan was alleged of selling shares of his IPL team, KKR at a way low price compared to the one fixed by the Securities and Exchange Board of India (SEBI) to the company Sea Island Investments Ltd, based in Mauritius and owned by actress Juhi Chawla's husband Mr. Jay Mehta. Readers may be aware that KKR is co-owned by Shah Rukh Khan's company Red Chillies along with his actress best friend Juhi Chawla. The superstar who was accused of violating FEMA guidelines, was questioned way back in 2011 when the ED conducted an audit and had found the sale of shares to be as low as eight times compared to prices fixed by SEBI after which the actor was called for questioning over three times. However, Shah Rukh Khan requested for more time owing to his film commitments.
From what we hear, the actor provided some more documents related to the transfer of shares when he was summoned by the ED recently.
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