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 7,2020

Srinagar, Feb 7: Jammu and Kashmir High Court on Friday dismissed a petition seeking a stay on the release of the movie 'Shikara' which is based on the exodus of Kashmiri Pandits from the Valley.

The film which hit theatres today has Vidhu Vinod Chopra at the helm and narrates the story of the mass exodus of Kashmiri Pandits in 1990 that forced lakhs to flee their homeland almost overnight following a genocidal campaign by militants.

Shot primarily in the Valley, the movie is being promoted mainly as a journey of love between the lead couple.

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News Network
July 4,2020

London, Jul 4: Hollywood star Chris Hemsworth says he is really excited about the biopic on WWE legend Hulk Hogan, which is currently in development.

"The Thor" actor revealed that he will bulk up his physique for the much-anticipated film to be directed by “Joker” helmer Todd Phillips.

“This movie is going to be a really fun project. As you can imagine, the preparation for the role will be insanely physical. I will have to put on more size than I ever have before, even more than I put on for Thor.

''And then there is the accent as well as the physicality and the attitude. I will also have to do a deep dive into the rabbit hole of the wrestling world, which I'm really looking forward to doing,” Hemsworth told British magazine Total Film.

The project was announced last year, with “8 Mile” scribe Scott Silver and John Pollono attached to pen the script.

It is expected to look into Hogan's rise from the Florida wrestling circuit to becoming the face of the World Wrestling Federation in the 1980s where he squared off with villain Andre the Giant.

The 36-year-old actor, however, said that the team is still “quite a way away” from starting production on the film.

“'I haven't even seen a script yet. The project is deep in development. Todd Phillips and I met to chat about it maybe a year or two ago. We talked about the idea for the film, which I think was going to be a TV series at one point.

''There were a few different ideas about what portion of his life it was going to be set in, so we spitballed about what it could be and what I thought it might be. Thankfully, they ran with a few of those ideas and the script is in the process of being written - but Hulk Hogan is still quite a way away.''

The biopic will be produced by Michael Sugar through his Sugar23's first-look Netflix deal along with Joint Efforts' Phillips and Bradley Cooper, Eric Bischoff, and Hemsworth.

Hogan will also serve as executive producer along with Sugar23's Ashley Zalta. Steve Desmond and Michael Sherman will serve as co-producers.

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Agencies
March 7,2020

Mumbai, Mar 7: A 'farm-to-fork' themed restaurant 'He-Man' situated on National Highway in Haryana's Karnal -- franchised by veteran Bollywood actor Dharmendra -- has been sealed for building law violations, officials said on Saturday.

The Karnal Municipal Corporation sealed the franchise outlet on Friday for not furnishing the change of land use (CLU) certificate and illegal constructions, an official said.

The restaurant is located on National Highway 44 on the outskirts of Karnal, some 150 km from here.

The franchise was given to Delhi-based businessman Pramod Kumar.

"After the success of my restaurant Garam Dharam Dhaba, I am now announcing a farm-to- fork themed restaurant 'He-Man'," Dharmendra had announced on Instagram after its launch on Valentine's Day.

Karnal Deputy Commissioner Nishant Yadav said the action was initiated as the restaurant owner did not respond to MC notice on the issue.

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