ED issues show cause notice to KKR owners SRK, Gauri and Juhi

March 24, 2017 19:28

The Enforcement Directorate has issued a show cause notice to the co-owners of Kolkata Knight Riders, actor Shah Rukh Khan, his wife Gauri Khan and actress Juhi Chawla for violating the FEMA guidelines.

The show cause notices have been issued by ED under Rule 4(1) of Foreign Exchange Management (Adjudication Proceedings and Appeal Rules), 2000.

According to the ED, Shah Rukh Khan bought the IPL team in 2008 after a separate company Kolkata Knight Eiders Pvt Ltd. was formed from his Red Chillies entertainment with Gauri Khan being its director.

Initially, all the shares were bought her name but after team's success about 40 lakh shares were sold to Juhi Chawla for a par price of Rs 10 each.

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