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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 26,2020

New Delhi, Jun 26: Actor Sushant Singh Rajput’s death has exposed the deep faultlines in the Hindi film industry with issues such as bullying, nepotism and discrimination emerging from tinsel town’s rarely discussed dark corners into the spotlight of introspection and debate.

The days since the death of the 34-year-old actor, whose body was found in his Mumbai apartment on June 14, have split the glamour industry down the middle – between ‘insiders’ and ‘outsiders’, 'us' vs 'them', and those born to fame and those who sweated for it.

That Rajput, who came from a middle class home in Patna and made his mark in mainstream Hindi cinema in what could be the classic fairytale, ended his life led to soul searching about power structures in Bollywood and also angry accusations at the biggies who call the shots.

'Outsider' Manoj Bajpayee said the structural shift that everyone in the industry wants to see will begin once the powerful abolish the "insider-outsider" divide.

"Nepotism has been in the debate for a few years now. It'll change only if each and every individual who is positioned well, who is established and powerful starts making efforts to make it healthy and democratic for all the talented people who are coming in," Bajpayee said.

“We will have to work very hard to turn this industry into a fraternity where each and everyone is welcomed," he said. Dibakar Banerjee, who directed Rajput in Detective Byomkesh Bakshy!, added that outsiders need to put in twice the amount of work as compared to star children to convince the industry, the public and the box office of their talent.

"The biggest unfairness in all this is that it takes double the talent, energy and hard work for an outsider to convince the audience and the industry that he or she is as safe a box office bet as a mediocre, unmotivated and entitled establishment elite," he told news agency.

Rajput was considered that rare actor, after Shah Rukh Khan perhaps, to have transitioned from television to Bollywood stardom and his death opened the proverbial can of worms.

Detective Byomkesh Bakshy! was produced by Yash Raj Films, which also backed Rajput’s Shuddh Desi Romance. As rumours swirled about unfair contract details, the powerful production house and other industry bigwigs and star children such as Karan Johar, Alia Bhatt and Sonam Kapoor faced ire from not just the public but even some of their colleagues.

The untimely death of the young actor had clearly not just touched a chord but triggered a rallying cry for change.

An out of context, old clip from Johar's chat show Koffee with Karan in which Bhatt is seen joking about Rajput and Kapoor confesses not knowing him fuelled the anger.

Hashtags like #BoycottKhans, #boycottnepotism and #JusticeForSushantSinghRajput started trending online a day after the actor's death with many calling for a boycott for the films made by Johar and featuring star children.

An online petition on Change.org asking fans to boycott Johar, YRF and Salman Khan has gathered almost 38 lakh signatures so far.

Reflecting the split in filmdom, Johar unfollowed everyone on Twitter except eight people, including Prime Minister Narendra Modi, Shah Rukh Khan and Amitabh Bachchan.

Hate comments also made actor Sonakshi Sinha, daughter of veteran actor-politician Shatrughan Sinha, deactivate her Twitter account last week.

Kapoor, too, disabled the comments section on her Instagram page and that of her father, veteran actor Anil Kapoor.

The public's angst found resonance in Bollywood with many in the fraternity saying the industry needs to introspect on how it treats outsiders.

Actors Gulshan Devaiah and Sushmita Sen, directors Hansal Mehta and Onir and singers Sonu Nigam and Kumar Sanu were amongst the many people who spoke out on the deeply disturbing issues that Rajput’s death had thrown up.

Mehta made a distinction between nepotism and bullying. 

He said his son Jai Mehta was an assistant director in his own film Shahid and also in Anurag Kashyap's Gang of Wasseypur series. He stepped inside the door because of his father but got ahead because he is talented.

“So when people take off on nepotism they do not really address the elephant in the room. They belittle the real battle -- the battle is between the powerful and the rising, between old and new, between rigidity and change, between secure and insecure,” Mehta said.

The director also criticised those bullying people in the guise of criticism.

“People in power (inherited/earned) have no business bullying those perceived to be less powerful or dependent on them,” he said, adding that the debate had been narrowed down to target certain people not for reform or the larger good.

According to Sen, nepotism is a truth as old as the industry.

“I think competition is a great thing but it should be a fair one for everyone… We have lived with it for many years. If it needs to change then all of us need to take responsibility, no one person,” she told PTI.

Onir said calling out nepotism does not mean denying talent just because someone belongs to the industry.

“It is about empowering all those deserving and talented denied opportunity by blatant discrimination. It’s about marginalising talent and creating a non-inclusive space,” he said.

Devaiah, known for his roles in Shaitan and A Death in the Gunj, said there is a lot of "toxicity" in showbiz because of the power structures but actors need to safeguard themselves from getting into a position where they can "lose control".

The debate was just not about actors but also the music industry.

“I have a request for music companies. Today, Sushant Singh Rajput has died. An actor has died. Tomorrow you might such news about a singer, a composer or a lyricist. The state of affairs in the music industry... there is a bigger mafia in the music industry than the film industry…,” singer Sonu Nigam said in a heartfelt video after Rajput’s death.

His colleague Kumar Sanu also uploaded a video on Facebook this week, saying he can sense a "revolution".

"Since his demise, I can see a different revolution emerging. Nepotism exists everywhere. It's a little more in our industry. You (the audience) make us who we are… Filmmakers or the top people (in the industry) cannot decide. It is in your hand to make us," he said.

As the debate intensified, Aligarh scriptwriter Apurva Asrani said some ‘woke’ friends were trying to crush the movement the actor’s death had sparked.

“Claiming to want dignity for him, they want others to suffer indignity in silence,” he tweeted, sharing a thread in which other such as Shekhar Kapur Ranvir Shorey and Abhay Deol also discussed nepotism and the camp culture in Bollywood.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
January 11,2020

Washington, Jan 11: Fresh off his win at the Golden Globes, actor Joaquin Phoenix participated in a climate change protest and was arrested by the police.

The "Joker" star took part in the weekly protests against climate change, started by Hollywood veteran Jane Fonda.

According to Variety, the 45-year-old actor also addressed the crowd of close to 300 people.

In his short speech, he took aim at the meat and dairy industry for being the third leading cause of the climate crisis.

"Sometimes we wonder what can we do in this fight against climate change, and there is something that you can do today and tomorrow, by making a choice about what you consume," Phoenix said.

"There are things I can't avoid. I flew a plane here today, or last night rather, but one thing I can do is change my eating habits," he added.

Besides Phoenix, veteran Hollywood star Martin Sheen also turned up for the protest and got arrested by the police. Actors Maggie Gyllenhaal and Susan Sarandon were also present.

Capitol Police said it arrested 147 people who were charged with crowding, obstructing or incommoding. All the protestors were later released.

Fonda, who was on stage with Phoenix, called him "one of the greatest living actors today".

She has been protesting weekly as part of her "Fire Drill Fridays" initiative since announcing she was moving to Washington "to be closer to the epicenter of the fight for our climate." Her participation has ended in multiple arrests.

Earlier this month, Phoenix had talked about climate change at the Golden Globes ceremony, asking Hollywood to walk the talk on the issue.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 19,2020

Mumbai, Apr 19: It is important to stay united and have faith in each other to fight the coronavirus pandemic, veteran lyricist-screenwriter Javed Akhtar said on Sunday, expressing concerns over the attack on healthcare workers and cases of communal tension in the country.

In a video shared by Akhtar's wife, veteran actor Shabana Azmi on Twitter, the writer urged people to stand together in this time of crisis.

"The country is undergoing a crisis at this point of time. To fight this crisis called coronavirus, it is important for us to be united. If we will keep suspecting each other or won't understand each other's intentions, there will be no unity, then how will we fight it?

"You must salute these doctors who are endangering their lives to test you. Unless you get tested, you will not know whether you have the disease or not. You can be treated only after that. It's a matter of stupidity that, I've heard, people are pelting stones on those doctors. This should not be done," Akhtar said in the 2 minute-long clip.

The 75-year-old lyricist also said that targeting a particular community defeats the goal of unity.

"I also hear that shops of a particular community are being shut, 'thelas' are being overturned or people are hit so that they can flee. This is not how unity works. We will have to believe each other. We all are citizens of this country," he said.

Akhtar appealed to the Muslim community to offer prayers from home in the holy month of Ramzan, which will begin from April 24 or April 25.

"I request all the Muslim brothers that now that Ramzan is coming, please say your prayers but make sure that this doesn't cause problems to anyone else. The prayers that you do in the mosque, you can do that at home. According to you, the house, the ground, this all has been made by Him. Then you can do your prayers anywhere," he said.

"Ensure that your speech, slogans and deeds don't create any suspicion in the minds of others. And to all the other citizens of the country, I'd say please have faith in each other, practice unity, don't resort to hatred. Only with the help of love and trust, we will be able to fight with the coronavirus," he added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.