IPL FEMA case: No summon, ED starts 'adjudication proceeding' against SRK

| Updated: Jul 21, 2017 01:48 IST

New Delhi [India], July 20 (ANI): The Enforcement Directorate (ED) has started adjudication proceedings against Kolkata Knight Rider franchise owner Shah Rukh Khan, in connection with a KKR-related FEMA case. Adjudication proceeding, as per the agency, means seeking more clarification in regard to the ongoing case. Earlier, the Enforcement Director issued a show cause notice to the Badshah of Bollywood, the reply to which, were not sufficient for the agency. Hence, they have sought a more detailed reply to the notice from the KKR franchise owner. For the unversed, Khan is being probed on a specific charge of irregularities in the sale of shares of Knight Riders Sports Pvt Ltd (KRSPL), a franchise owned by his company Red Chillies Entertainment, to a Mauritius-based company. The sale, reportedly, resulted in a loss of Rd. 73.6 crore. (ANI)
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