The Rajasthan Royals team’s proud owner has been slapped with a penalty notice for allegedly violating forex laws in their business operations
The Indian Premier League will start in two months time, but looks like the action has already begun – off field! It’s learnt that the agency, which is investigating irregularities under the Foreign Exchange Management Act (FEMA), has sent out three separate notices to the Rajasthan Royals franchisee, the total of which sums up to Rs 98.5 crores.
While Rs 50 crores penalty has been slapped on Jaipur IPL Cricket Private Limited (JIPL) and its directors, Rs 34 crores notice for evasion of forex duties has been issued against EM Sporting Holding, Mauritius and its directors. A fresh notice of Rs 14.5 crores has been issued against M/S ND Investments, United Kingdom and its directors. All the three parties can appeal against this penalty in the appellate authority of FEMA. The order requires the IPL team to pay the money in 45 days. The Enforcement Directorate has been investigating financial and foreign exchange irregularities against all the IPL franchisees for almost two years now and the first big notice against any team comes just a day after the auctions concluded in Chennai.
The trouble for Shetty just doesn’t end here. A Delhi court dealing with corruption in Commonwealth Games 2010 (CWG) has said that two of the accused had paid Rs 71.73 lakh to Wizcraft International Entertainment Pvt. Ltd. for Shilpa’s performance in the closing ceremony of the 2008 CWG Youth Games at Pune merely to fulfill the wish of the organising committee chief, Suresh Kalmadi. We hope that the legal trouble for our Dostana girl ends soon.