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
March 25,2020

New Delhi, Mar 25: Actor Priyanka Chopra on Tuesday night through an Instagram Live conversation put forward questions about coronavirus to World Health Organisation (WHO) experts and busted some myths about the global pandemic.

WHO General-Director Dr Tedros Adhanom Ghebreyesus and Dr Maria Van Kerkhove, the WHO's Technical Lead, were part of the live conversation which Priyanka shared on her Instagram. More than 45,000 fans participated in the session.

"There is so much information circulating about Covid-19. And right now we're all searching for clarity. My friends at @WHO and @glblctzn graciously brought the doctors working on the front lines here to give us answers straight from the experts. Please take some time to watch my IG Live with Dr. Tedros (General-Director at W.H.O.) and Dr. Maria Van Kerkhove (Technical Lead for Covid-19) from @WHO, who answered some questions that so many of you sent in," Chopra captioned the post.
Bollywood's 'Desi' girl also asked her fans to spread awareness about the disease and tag their friends and family in the post who are looking for answers and action steps.
PC even posted few questions submitted by the general populace and answers to the same on her Instagram story. The first question came from her husband, Nick Jonas, who also joined in on the conversation.

One of the questions was about the latest 21 day lockdown in India. Priyanka and Nick have been in self-isolation for weeks now.

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News Network
January 18,2020

Mumbai, Jan 18: Actor Shabana Azmi was injured in an accident on Saturday afternoon on the Mumbai-Pune Expressway in Maharashtra's Raigad district, an official said.

The incident took place around 3.30 pm near Khalapur, over 60 km from Mumbai, when the car in which she was traveling rammed into a truck, said Raigad Superintendent of Police Anil Paraskar.

She was rushed to MGM hospital in Navi Mumbai and was undergoing treatment, he said.

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News Network
April 8,2020

Mumbai, Apr 8: Bollywood superstar Salman Khan has started the process of transferring funds into the accounts of daily wage workers of the film industry, the Federation of Western Indian Cine Employees (FWICE) said on Wednesday.

The actor had recently pledged to financially support 25,000 daily wage workers who have been badly hit by the 21-day lockdown to contain the coronavirus spread in the country.

According to B N Tiwari, FWICE, President, Salman has made an initial payment of Rs 3,000 each to the daily wage workers of the film industry, starting Tuesday.

"We had given him the final list of 23,000 workers so far, who were in dire need of financial help. He is going to transfer money in installments as he doesn't want people to misuse it. He has transferred about Rs 3,000 to every worker yesterday and he will transfer money again after some time. We are thankful to him for helping our workers," Tiwari told PTI.

A source close to Salman said the superstar will continue to support the workers until the situation improves in the country.

"We have started the process from Tuesday. We will be giving sufficient money to workers monthly, we will also give money next month and if the situation is still the same, we will continue to financially help the workers till it doesn't return to normalcy," the source said.

FWICE said Yash Raj Films have also provided a financial help of Rs 5,000 to around 3,000 workers.

"Besides Salman, a lot of people from Bollywood have come forward to help the workers, including Ajay Devgn and Rohit Shetty, who have given Rs 51 lakh each. Boney Kapoor and Arjun Kapoor too have given money and there are few more who have offered financial assistance to the federation. We also received Rs 1.5 crore from the Producers Guild of India on Tuesday.

"The federation has received a total amount of Rs 3 crore from film industry people. We are yet to receive money from Netflix, which they had announced for daily wage earners and also from Amitabh Bachchan, who is going to provide ration to one lakh workers. He is going to provide coupons which we should receive in a day or two," Tiwari said.

He further said Bachchan's ration coupon for workers will also be given to other associations across the country, such as in Chennai, Hyderabad, Kolkata and Karnataka.

Tiwari said FWICE is in the process of making another list of needy workers and then they will begin the process of transferring money.

"The Rs 3 crore that the federation has received will be distributed among our five lakh workers in Maharashtra. We will start sending money from April 14 in phases. Those who haven't received any financial aid will be helped first. We are in the process of making a list of such workers for the same," Tiwari said.

"FWICE has also begun distributing ration to workers in suburban Andheri and Jogeshwari. So far we have distributed 5,000 packets of ration and we will give more, he added.

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