Shah Rukh Khan summoned by Enforcement Directorate in connection with ongoing IPL investigation

In case of Shah Rukh's KKR, the ED is investigating two separate sale of shares by the company and its shareholder.

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Actor Shah Rukh Khan, who is also the owner of Kolkata Knight Riders, is summoned by ED

The Enforcement Directorate (ED) has once again summoned actor Shah Rukh Khan, the owner of Kolkata Knight Riders franchisee, in connection with the ongoing investigations into the Indian Premier League (IPL).

Shah Rukh Khan and KKR could not be reached immediately for a comment on the matter.

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In case of Kolkata Knight Riders, the ED is investigating two separate sale of shares by the company and its shareholder in 2009 and 2010 to Sea Island Investment Ltd, a Mauritius-based company. The ED has alleged that the shares of KKR in these two transactions were undervalued.

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The ED has also appointed chartered accountancy firm, Chokshi & Chokshi LLP, to audit the value of equity shares of IPL franchisees to arrive at the correct valuation of sale of shares.

“Chokshi & Chokshi has already submitted a report on Kolkata Knight Riders Pvt Ltd,” said a senior ED official, but declined to divulge the contents of the report.

A major contention of some of the IPL franchises is that sale of shares in the early days of the IPL were at a time when there was little in terms of valuations to go by and when there was a controversy surrounding the league.

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