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
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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News Network
February 21,2020

Los Angeles, Feb 21: Nepalese-Australian actor Dichen Lachman has joined the cast of the third film in the Jurassic World franchise.

Lachman, best known for Netflix series Altered Carbon and TNT show Animal Kingdom, is the latest addition to the Colin Trevorrow-directed picture, reported Deadline.

Universal Pictures and Amblin Entertainment project will see Chris Pratt and Bryce Dallas Howard reprise their roles. Mamoudou Athie and DeWanda Wise are also part of the cast.

The movie marks the return of original Jurassic Park stars Sam Neill, Laura Dern and Jeff Goldblum.

Trevorrow has co-written the script of the new film with Emily Carmichael. He will also executive produce the film with Steven Spielberg.

Jurassic World 3 hits theatres on June 11, 2021.

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News Network
May 15,2020

New Delhi, May 15: In an attempt to constructively use leisure time during the lockdown, actor Bhumi Pednekar has started learning Kathak from her mother, Sumitra Pednekar, who is a trained dancer of this discipline.

Elaborating on her keenness to enhance her knowledge on the dance form, the actor explained about her routine followed for the dance practice and how much she is enjoying it.

"I wanted to learn kathak for a long time as my mother is a trained Kathak dancer! So, for about an hour in the evening this what I and my mom do. She is quite enjoying it and I'm loving learning it from her!" the 30-year-old actor said.

The growing fear of coronavirus has halted many entertainment shootings and productions. The 'Pati Patni Aur Who' actor referring to the current situation opened about the uncertainties of going back to shootings.

"It has put a big question mark on when will we get back to work and how things are going to be. There's a lot of uncertainty. Of course, our dates and schedules have gone haywire and we can't plan anything," she added.

However, the 'Bala' actor is finding a silver lining among the gloom as she says that the time has given her an opportunity to get back to what she used to love as a child - the habit of reading.

"I was a voracious reader but since entering Bollywood I haven't got a chance to read something at a stretch," she said.

"But now, I have got all the time and I'm making full use of the time at hand. I have been watching TED talks and have been reading a lot about climate change because that is something, I am severely passionate about. This time has been very educational for me," she added.

On the professional front, Pednekar will be soon seen as a leading lady in the Akshay Kumar's 'Durgavati' and award-winning director Alankrita Srivastava's 'Dolly Kitty Aur Woh Chamakte Sitaare'.

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