IPL FEMA probe: ED records SRK statement; final notice soon

November 12, 2015

Mumbai, Nov 12: With the Enforcement Directorate recording statement of Bollywood actor Shah Rukh Khan in a foreign exchange violations case, investigations into a major case of alleged financial irregularities in T-20 cricket tournament IPL is set to complete soon.shah-rukh-khan

Khan is being probed on a specific charge of irregularities in the sale of shares of Knight Riders Sports Pvt Ltd (KRSPL), a franchise owned by his company Red Chillies Entertainment, to a Mauritius-based company.

Sources said the agency, after this questioning, is expected to issue a final show-cause notice by December or early next year under FEMA in the probe involving Kolkata Knight Riders (KKR) and related entities.

The sources said the recent questioning happened when the actor reached the agency's office in Ballard Estate here on the evening of November 10 and spent over three hours with the investigators probing the case under provisions of the Foreign Exchange Management Act (FEMA).

Khan could not be reached for comments.

The case, dating back to 2008-09, pertains to the share sale of KRSPL, co-owned by Khan and his co-actor and friend Juhi Chawla and her husband Jay Mehta, to a Mauritius-based company owned by Mehta.

The central agency is probing allegations that shares sold to the Mehta-owned Sea Island Investments were allegedly undervalued by eight to nine times by Khan's business end.
The actor had been questioned by the ED in this case earlier in 2011 apart from the business dealings of Kolkata Knight Riders, the IPL team co-owned by the actor.

They said during the latest round of questioning, Khan "cooperated" with the investigators and handed them over some relevant documents.

"He has assured that his legal and Chartered Accountancy firms will be in active touch with the agency so that the probe could be completed soon," they said.

They added that all the aspects of investigation on this IPL probe case are more or less complete and the final notice will now be served.

Under this case, at the time of incorporation in 2008, Red Chillies had 9,900 shares of KRSPL.

The valuation report, made by an external agency on commission from ED last year, said 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 FEMA rules, 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).

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News Network
June 15,2020

Mumbai, Jun 15: Bollywood actor Shah Rukh Khan has paid a heartfelt tribute to actor Sushant Singh Rajput, who was found dead at his Bandra residence in Mumbai on Sunday.

Taking to Twitter, the superstar recalled the 'Kai Po Che' actor's "energy, enthusiasm, and his full happy smile."

Sushant, who was a big fan of Shah Rukh, was often compared to him as both the actors made a successful transition from the small screen to Bollywood without any Godfathers.

Sharing a throwback picture along with Sushant, Khan also noted how much the late actor loved him and asserted that he will surely miss him.

"He loved me so much...I will miss him so much. His energy, enthusiasm, and his full happy smile. May Allah bless his soul and my condolences to his near and dear ones. This is extremely sad....and so shocking!!," the tweet read.

Sushant, 34, committed suicide by hanging himself on Sunday, Additional Commissioner of Police Manoj Sharma confirmed. However, no suicide note has been recovered from Rajput's residence, as per the police and further investigation is underway.

As per the latest development, the body of the actor is brought to Dr RN Cooper Municipal General Hospital from his residence in Bandra.

The actor, who rose to fame with the 2008 television series 'Pavitra Rishta,' made his Bollywood debut with Abhishek Kapoor's 'Kai Po Che' in 2013.

One widely loved actor for his simplicity and humble nature, the actor gave hit movies to the entertainment industry, including MS Dhoni's biopic, where he played the cricketer on screen.

The star was last seen in Nitish Tiwari's 'Chhichhore,' alongside Shraddha Kapoor in 2019.

The news of the sudden demise of the actor left a bevy of his fans, and Bollywood celebrities in shock, triggering an outpouring of condolences.

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Agencies
February 25,2020

New Delhi, Feb 25: The Delhi High Court on Tuesday gave time to Directorate General of Civil Aviation (DGCA) to seek instructions on travel ban imposed on comedian Kunal Kamra.

Kamra approached the court against IndiGo which suspended him from flying with the airlines for a period of six months. Other airlines had also followed the suit in pursuance to this.

Justice Naveen Chawla said that the regulatory body should not have certified actions of airlines other than IndiGo to ban Kamra without conducting inquiry. The matter will now be heard on February 27.

Last month, IndiGo had barred the stand-up comedian for six months from using its services for allegedly portraying "unacceptable behaviour" onboard its flight.

The airline claimed that Kamra, while travelling on a Mumbai-Lucknow IndiGo flight, provoked a TV news anchor by asking questions over his news presentation style.

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News Network
June 16,2020

Mumbai, Jun 16: Filmmaker Dibakar Banerjee remembers Sushant Singh Rajput as a dance loving 'chhokra' from an engineering college who, having made it in Bollywood, was “enthused, sincere and totally focused” on his craft.

Banerjeee said the actor always had “a book or two” with him and took pride in the fact that he had an “inner intellectual life away from the shallower aspects of showbiz”.

Rajput was found dead in his Bandra apartment on Sunday at the age of 34, leaving his friends, colleagues and collaborators in a state of shock.

The Patna-born actor and the director worked together in 2015 film "Detective Byomkesh Bakshy!" when Rajput was a relative newcomer in the industry. Banerjee says it was Rajput's vulnerability and willingness to do different that made him stand out for the role.

In an interview with news agency, the filmmaker looks back at Rajput's sincerity, his love for science and astronomy and how an outsider has to work harder than a "mediocre, unmotivated and entitled establishment elite" to succeed in Bollywood.

Excerpts:

You worked with Sushant when he was less than two-year-old in the film industry. What struck you the most in him to cast as Detective Byomkesh Bakshy?

Banerjee: His vulnerability and intensity and the ambition to do different things than the usual Bollywood stuff.

What were your memories of Sushant- the actor and the person?

Banerjee: As an actor he would tense himself up for the scene and then completely plunge in take after take. He would put a lot of value on preparation. He would be up the previous night of the shoot, reading the scene and making notes and land up on the sets all raring to go.

He would be on, ready and give his hundred per cent throughout the shoot of Byomkesh - no matter how hard or long the day. The unit did not really have to worry about him - considering he was the star. That's what I remember - a total pro, enthused, sincere and totally focused.

As a person, he seemed to me a happy dance loving 'chhokra' from an engineering college who had made it in showbiz and now was serious about acting. He was deeply nostalgic about his carefree student days in Delhi. We used to laugh a lot - I remember that quite clearly.

Sushant's friends say that he spoke more about books and his love for astronomy than films and their fate, which is rare for an actor in the industry. Do you also remember him that way?

Banerjee: Totally true. He was a science and astronomy nut. Always had a book or two with him - and was proud of the fact that he had an inner intellectual life away from the shallower aspects of showbiz. I recognized it as a reflex, protective action to prevent the Bollywood swamp sucking him in totally. And also an identity he wanted to protect and project.

Sushant's death has brought to the fore the struggles of outsiders and the alienation they often face from the nepotistic culture of the industry. Did you feel that Sushant was also fighting this battle despite being a successful actor?

Banerjee: We all fight it, day in and out - whether successful or failing. But the trick is to define that success and failure ourselves and not let the narrative constantly forced by the establishment to get to you. Those who know this weather the storm and ultimately survive and thrive.

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.

The media colludes in this by wallowing in family, coterie and celebrity worship. This leads to deep anger and frustration. Those who can let this slide survive. Those who can't - those who hurt a little more or are vulnerable and impressionable - they are at risk.

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