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
April 12,2020

Los Angeles, Apr 12: Pop star Rihanna has asked her fans, who are demanding her to release her new album soon, to back off as her prime focus right now is doing her bit in saving the world from the coronavirus pandemic.

The Grammy winner was one of the first Hollywood personalities who pledged support towards the relief efforts in fighting the COVID-19 outbreak.

Rihanna has been teasing new for quite some time now and eager admirers got an earful from her during an Instagram Live. Her last studio album was 'Anti' which was released in 2016.

Taking a swipe at US President Donald Trump, the Barbadian singer said, "If one of y'all ask me about the album one more time when I'm tryna save the world, unlike y'all president....on sight."

Rihanna's non-profit organisation Clara Lionel Foundation (CLF) and Twitter CEO Jack Dorsey recently donated USD 2.1 million each to help victims of domestic violence in Los Angeles during the COVID-19 stay-at-home order.

Also CLF and and rapper Jay-Z's Shawn Carter Foundation donated USD 2 million to support undocumented workers, the incarcerated, homeless and elderly populations, and children of frontline healthcare workers in Los Angeles and New York City amid the coronavirus pandemic.

Earlier, Rihanna, through CLF, also donated USD 5 million to support Direct Relief, Partners In Health, Feeding America, the International Rescue Committee and World Health Organization's COVID-19 Solidarity Response Fund as they continue to fight the pandemic in the US, the Caribbean and Africa.

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
March 12,2020

Chennai, Mar 12: Superstar Rajinikanth on Thursday clarified that he never aspired to become the Chief Minister of Tamil Nadu and said his plans for politics include different heads for his prospective party and a possible government headed by it.

In his first official press conference since December 31, 2017, when he announced to take the political plunge, the veteran star also said he planned to appoint as CM, an educated youth who was compassionate and had self-respect.

With a two-leadership system for party and the government, the former would act as an "opposition" to highlight issues and would not even hesitate to "remove", apparently the head of the government, if it fails to perform, he said.

His prospective party would focus on including a substantial amount of youngsters in the age group of below 45 years while the rest would comprise retired judges and IAS and IPS officials among others.

"I myself would reach out to them and invite them," to join him, the 69-year-old actor said.

Contrary to expectations, he however, did not make a concrete statement on floating his party but called for an "uprising" by youth, after which he would make his formal political entry.

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
January 24,2020

Paris, Jan 24: Rahul Mishra and Imane Ayissi made history on Thursday by becoming the first Indian and black African designers to show their clothes on the elite Paris haute couture catwalk.

Only a little more than a dozen of the world's most prestigious luxury labels -- including Dior, Chanel and Givenchy -- have a right to call their clothes haute couture.

All the clothes must be handmade -- and go on to sell for tens of thousands of euros (dollars) to some of the richest and most famous women in the world.

Mishra, an advocate of ethical "slow fashion" who blames mechanisation for much of the world's ills, said "it felt amazing and very surreal to be the first Indian to be chosen." "They see a great future for us -- which will make us push ourselves even harder," the 40-year-old told AFP after his debut show was cheered by fashionistas.

Both Mishra and Cameroon-born Ayissi, 51, are champions of traditional fabrics and techniques from their homelands and are famous for their classy lines.

Ayissi said his selection was "immense" both for Africa and himself.

"I am so proud that I can show my work and showcase real African fabrics and African heritage," he told AFP backstage as celebrities, including the chic head of Unesco, Audrey Azoulay, congratulated him.

Mishra broke through on the Paris ready-to-wear scene after winning the International Woolmark Prize in 2014, the top award that also launched the careers of such greats as Karl Lagerfeld and Yves Saint Laurent.

The purity of his often white creations with their detailed but understated embroidery has won him many fans, including Vogue's legendary critic Suzy Menkes.

The doyenne of fashion's front row called him an Indian "national treasure".

But this time, Mishra turned up the colour palette somewhat with dresses that subtly evoked the jungle paradises and pristine underwater world off the Maldives he worries that one day we might lose.

Appalled by the smoke and pollution that meant he had to keep his four-year-old daughter indoors in Delhi for nearly 20 days in November, Mishra said he imagined a "pure virginal and untamed planet... with ecosystems crafted out of embroidered flora and fauna".

"I am very emotional about it. Sometimes it makes me cry. All our children should be growing up in a better world," he added.

"When I take Aarna (his daughter) to the foothills of the Himalayas and the sky turns blue, she is so happy.

"Once, when she saw the River Ganges, she said: 'Can you please clean it for us so can go for a swim?'"

Mishra said he was reducing the quantity of clothes he was producing while at the same time increasing their quality, with humming birds, koalas and other animals hidden in the hundreds of hand worked embroidered leaves and flowers of his "jungle dresses".

The designer has won ethical and sustainability awards for his work supporting local crafts people in rural India.

"My objective is to create jobs which help people in their own villages," Mishra said.

"If villages are stronger, you will have a stronger country, a stronger nation, and a stronger world," he added.

Ayissi takes a similar stand, refusing to use wax prints popular in West Africa which he dismisses as "colonial".

Dutch mills flooded Africa with cotton printed with colourful patterns borrowed from Indonesian batik in the 19th century, and still dominate the market.

"When we talk about African fashion, it's always wax, which is a real pity," he told AFP, "because it's killing our own African heritage."

Ayissi, a former dancer who worked with singers such as Sting and Seal, told AFP he wanted to open up "a new path for Africa" and find an "alternative way of doing luxury fashion".

He has gone back to using prestigious local materials, like the strip fabric kente woven by the Akan people of Ghana and the Ivory Coast, which was originally worn only by nobles.

The son of an undefeated African boxing champ and a former Miss Cameroon, he also uses appliqued techniques from Benin and Ghana.

Haute couture shows only take place in Paris and the criteria to enter and remain in fashion's elite club are strictly enforced by French law.

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.