Kolkata Knight Riders co-owners, actors Shah Rukh Khan, Juhi Chawla and her husband Jay Mehta, have been served Enforcement Directorate (ED) summons for allegedly violating Foreign Exchange Management Act (FEMA) norms, official sources said in Mumbai on Wednesday.
The ED move follows a notice sent in March in 2015 and Mr. Khan and others would be required to appear before the agency by May-end.
The Knight Riders Sports Pvt Ltd is suspected to have violated FEMA norms by undervaluing its shares in a transfer deal with Jay Mehta’s overseas company, Sea Island Investments Ltd.
However, none of the co-owners have officially reacted to the development.
This article was originally published in the Hindu.