Lifestyle

MUMBAI (Web Desk) – Bollywood actor Shah Rukh Khan has been questioned by the authorities regarding the alleged undervaluation of the shares of the company that runs his IPL team, Kolkata Knight Riders, the NDTV reported.


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Juhi Chawla and her husband Jay Mehta – who, along with Mr Khan, are co-owners of the Knight Riders Sports Private Limited – were also summoned.

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The officials quizzed Mr Khan for around three hours on Tuesday, the sources said. He had been summoned twice earlier. Mr Mehta has already recorded his statement in the case.

It is alleged that five million shares of Knight Riders Sports Private Limited were allegedly undervalued when they were sold to Mr Mehta’s Mauritius-based company, Sea Islands Investments Ltd, in 2008.

The Enforcement Directorate is investigating whether the shares of the team were undervalued as it could be a violation of the provisions of Foreign Exchange Management Act.

“KKR is suspected to have violated FEMA (Foreign Exchange Management Act) norms,” sources told NDTV.

Mr Khan was quizzed in 2011 for allegations that KKR had received illegal money transferred from certain foreign tax havens.

In May this year, the Enforcement Directorate had served a notice to the team, but Mr Khan had not appeared before the agency.