ED questions Shah Rukh Khan over sale of Knight Riders shares

November 11, 2015

Mumbai, Nov 11: The Enforcement Directorate has recorded the statement of Bollywood actor Shah Rukh Khan in a matter of alleged irregularities in the sale of shares of Knight Riders Sports Pvt Ltd (KRSPL) to a Mauritius-based company.

sharukh"We recorded Khan's statement yesterday in connection with the violation of Foreign Exchange Management Act," ED sources here said.

The case, dating back to 2008-09, pertains to the share sale of KRSPL, owned by Khan's Red Chillies along with Juhi Chawla and her husband, to a Mauritius-based company owned by Chawla's husband Jay Mehta.

ED is probing allegations that shares sold to the Jay Mehta-owned Sea Island Investments were undervalued by eight to nine times.

Khan had faced ED once in 2011 when he was questioned about alleged foreign exchange violation of around Rs 100 crore.

At the time of incorporation in 2008, Red Chillies had 9,900 shares of KRSPL. The valuation report, made by ED's external agency last year, said that when the equity shares of KRSPL were issued to Sea Island Investments, the fair value per equity share of KRSPL should have been between Rs 70-86. However, the shares were issued at a value of Rs 10 each.

According to the Foreign Exchange Management Act (FEMA), the price of shares issued to persons residing outside India should not be lower than the price worked out under the guidelines set by stock market regulator SEBI in case of a listed company, or on the basis of fair valuation of shares by a chartered accountant as per guidelines of the erstwhile Controller of Capital Issues (CCI).

Officials said that Khan cooperated with them and has provided them with some documents related to the transfer of shares.

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Agencies
February 5,2020

Chennai, Feb 5: Income Tax sleuths on Wednesday raided top Tamil film actor Vijay's residence here besides conducting simultaneous searches at several premises linked to a film production house, movie financier and distributors in connection with suspected tax evasion.

The searches, which began in as many as 38 locations in Tamil Nadu, were still on and unaccounted cash of about Rs 25 crore was seized from the premises of a Tamil film financier who had faced allegations of intimidation and arm-twisting to recover money, official sources told PTI.

Also, several documents indicating substantial tax evasion has been seized, sources added.

Vijay, who was away in Cuddalore district for a film shoot, was apprised by authorities about the searches and he was en route to his residence here, they said.

So far nothing has been recovered from the actor's house and the inmates were cooperating with authorities in conducting the searches, sources said.

Raids were also on in the premises of the production house that had made Vijay's hugely successful recent Tamil movie 'Bigil.'

Further details are expected after completion of searches which is likely to continue tomorrow.

The State police has been providing security for carrying out the searches.

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May 24,2020

Los Angeles, May 24: Filmmaker Frank Marshall, one of the producers behind Jurassic World: Dominion, says the forthcoming film is not a conclusion of the franchise.

Colin Trevorrow, who rebooted Steven Spielberg's blockbuster Jurassic Park franchise with 2015's Jurassic World, is back on the director's chair after sitting out on second movie Jurassic World: Fallen Kingdom (2018).

Asked about the upcoming movie, Marshall told Collider: "It's the start of a new era."

Chris Pratt and Bryce Dallas Howard are coming back for the third film, which will also feature original stars of 1993's Jurassic Park -- Laura Dern, Jeff Goldblum and Sam Neill.

The producer also revealed how he sees the film franchise extending into the future.

"The dinosaurs are now on the mainland amongst us, and they will be for quite some time, I hope," Marshall said.

The film was three weeks into production when it was shut down over coronavirus concerns, but the producer said the team has the sets built in London and will be "back in business" once they have guidelines from the British government.

Dominion is still slated to be released on its scheduled date of June 11, 2021.

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Agencies
July 8,2020

Washington D.C, Jul 8: Adding another feather to her cap, actor Priyanka Chopra on Wednesday announced that she has been chosen as the ambassador of the Toronto International Film Festival (TIFF) 2020.

Priyanka has joined the list of 50 celebrated filmmakers and actors who are invited as the ambassadors of the TIFF.

The 37-year-old star put out a post on Instagram and shared a montage featuring snippets of her empowering addresses at the TIFF. Along with the video, Priyanka noted that the TIFF has been a second home for her.

She wrote, "Throughout my career TIFF has been a second home for me, with many of my films, as both an actor and producer, making their world debut at the festival."

Talking about the film festival that focuses on special stories and storytellers, the 'Dostana' star added, "TIFF has always been at the forefront of supporting and championing global content that showcases diversity and inclusion, a charge led by my friend @cameronpbailey and his talented team, who work with passion to shine a spotlight on these special stories and storytellers."

"Even more than that, one of the most exceptional parts of the festival are the fans of cinema who congregate to celebrate the magic of the movies, and who have always embraced me with so much warmth and love," Priyanka added.

She shared that she feels proud to serve as the ambassador to the festival and noted," I am very proud to serve as an ambassador this year, and I look forward to continuing a relationship that I value tremendously."

The esteemed film festival will be opting for digital screenings and virtual red carpets in the wake of the coronavirus pandemic. The festival is scheduled to kick off from September 10 to September 19, 2020. 

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