For the second time in six months, the Enforcement Directorate (ED) has slapped a notice summoning Bollywood superstar Shah Rukh Khan in connection with the valuation of shares of his co-owned IPL cricket team, Kolkata Knight Riders, sources said here on Tuesday.
The ED is investigating whether the shares of the team were allegedly undervalued as it could be violative of the provisions of Foreign Exchange Management Act (FEMA).
Earlier, the ED had served a notice to the team in May this year but Shah Rukh had not appeared before the agency.
Prior to that, Shah Rukh was quizzed in 2011 for allegations that KKR had received illegal money transferred from certain foreign tax havens.
The company Knight Riders Sports Pvt Ltd, which runs the KKR team, is jointly owned by Shah Rukh, actress Juhi Chawla and her husband Jay Mehta.
It is alleged that five million shares of KRSPL were sold to Mehta’s company, Sea Islands Investments Ltd, based in Mauritius in 2008 and were reportedly undervalued.
Shah Rukh is away on a film shooting assignment and sought time to appear before the investigating agency which has not set any time-frame on the issue.
In 2011, Shah Rukh was directed to provide relevant documents including the purchase of players, revenues, advertising details and the team’s shareholding pattern.
IANS
Everything will be fine.
Hope everything will be fixed as soon as possible.
KKR is the best team on IPL. along with this it is the top brand team too. many were laughing on KKR but the game is changed now. whatever SRK touches that becomes a gold.
Chor SRK..
since SRK’s KKR has become a top team of IPL everyone uses his name & KKR’s name to get publicity through it.
Just because SRK is involved, everyone is making a big issue…
You can love him or hate him but you simply can’t ignore him
Thats SRK for you
SRK send your KKR management team to appear n fix everything.
KKR is my fav team.
Thanks indicine . You showed you guys are not always on srk side that’s how you guys should be doing.
My take on it? So that’s how Mr Srk has been making his money?? Shame on him.
Hit like my comment.
if you think KKR will win IPL next year once again (specially since 2 teams has been suspended )
& Dislike if you disagree.
1) Most consecutive wins in IPL : KKR
2) Most cons win T20s team : KKR
3) Most Opening wins in IPL : KKR
4) Most No. of 50s by KKR player.
5) Most cons 40+ score by KKR player (10)
6) Highest INDIAN run scorer in IPL by KKK Player (634)
7) Unbeaten partnership of 153 runs by KKR
Sarook is over promoted by indicine instead of promoting prdp what is your take?
Shah Rukh Khan doesn’t handle the finances or shares so it’s down to the CEO but his name will come since he is the owner. through he will definitely handle this soon. all the best Dr. Sahab!!!
The most insecure khan of bollywood – SRK ..
IPL fever: KKR beats CSK in brand value race http://t.co/vasrdqtrK8
The stress of the cricket match fixing and betting controversy and the resulting lawsuit in the Supreme Court seem to have taken a toll on the brand value of India Cements-owned Chennai Super Kings (CSK).
According to the latest American Appraisal (a consulting firm) report, the MS Dhoni-led team has lost its number one position to Shah Rukh Khan’s Kolkata Knight Riders (KKR).
KKR’s rise to number one (it was number three in 2014) is the result of CSK’s loss of brand value and a soaring increase in its own, on the back of a clean image and its second Indian Premier League (IPL) tournament win in 2014.
CSK, valued at $72 million in 2014, slipped to number three with a valuation of $67 mn. KKR, at number three in 2014 (value $69 mn), had its valuation shoot up 25 per cent to $86 mn, taking it to number one. Mumbai Indians retained its number two spot and valuation of $72 mn.
This is, of course, a far cry from valuations of basketball teams in the US National Basketball Association and football teams in Europe. For example, LA Lakers’ brand value is $536 mn, according to Forbes’ report in January 2015. And, Manchester City (football) was valued (brand-wise) at $132 mn in May 2014 by the same publication.
The other big gainer at the IPL here is Kings XI Punjab, at $41 mn. The team, second in the 2014 edition of the tournament, is at number six in the order this year, up one spot from 2014’s number seven. Similarly, Sunrisers Hyderabad saw a jump in brand value from $25 mn last year (last position in 2014) to $35 mn this year (number seven). The biggest loser in brand value is Delhi Daredevils, slipping to the last spot from number six in 2014.
“The highest gainers in terms of individual franchise brand values are Kolkata Knight Riders and Kings XI Punjab, which saw an increase from their 2014 brand values of 25 per cent, mainly driven by a fantastic on-field performance and continued fan engagement,” says Varun Gupta, managing director, American Appraisal India.
Adding: “Chennai and Delhi saw a decrease in their brand values, one recovering from a spate of recent controversies that dampened advertiser sentiment and the other failing to improve its standing on the points table. We estimate that, on an average, the brand value of each franchise contributes around 30 per cent towards its overall business value.”
Apart from Mumbai Indians, Royal Challengers Bangalore and Rajasthan Royals retained their positions on the brand value chart and their valuations from 2014. The total value of the franchises grew from $406 mn in 2014 to $432 mn (rounded to the nearest decimal), a rise of six per cent.
IPL’s total value has also seen a jump over last year, at $3.54 billion versus $3.25 bn in 2014 (up nine per cent). “As a part of our analysis, we realised that while the brand value is a significant component of business value of individual franchises, there are several other factors that drive the business value of the IPL. Over the past few years, we have seen several transactions where stakes in a few IPL franchisees were bought and sold at premiums of over 100 per cent to the values originally bid for during the first auction,” says Gupta.
He said though IPL was still at a very early stage of development (less than a decade) compared to other global professional leagues, operational for many decades, the value created by it in such a short time was significant, considering the minimal initial investment by the Board of Control for Cricket in India.
“The evidence of growth is clearly visible in the sponsorship deals and the media rights renewed by the IPL Governing Council, including the new digital media rights, which saw an increase of 50 per cent over the earlier deal. With the TV rights up for renewal by 2017, IPL is set for as huge a windfall as the EPL (English Premier League), which saw an increase of 83 per cent over its earlier TV rights deal,” says Gupta.
STAR India has won the foreign broadcast rights (television and digital, ex-US) and the digital rights in India. In the US, ESPN has bagged these rights, while in India, Multi Screen Media continues to be the official broadcaster of IPL. The Indian cycle for broadcast comes for review in 2018. Advertising rates on the MSM network have seen a rise of 10-15 per cent, and the advertising revenue from the 2015 edition is expected to touch Rs 900-925 crore.
If they investigate they will find that this entity is used as a money laundering avenue. He is not straight up as his fans think. Because for him it’s all about money for himself.
SRK and his KKR captain Gautam Gambhir.. = both these persons are arrogant and rude..
Gautam gambhir abused an innocent manoj tiwari..
And our self proclaimed king abuses an innocent watchman..
everyone tries to pull top team of the game….. but we are with SRK & KKR….. chak de……
Send salman to jail first @indianLegalSystem & then worry about others
srk the most wonderful IPL owner.
IPL = KKR
&
KKR = SRK.
We are with you SRK. do appeal & get out from this shit
court just needs/wants some money so give it and get out from this shit.
So One more Criminal Khan.
Khans are polluting the bollywood,they should be thrown out of the industry,only aamir and irrfan should be left and allowed to make moviez.
I think one ED summon should also be done on salman’s Being Human foundation to check whether corruption is happening there or not..
Dear Salman Fans Learn Difference between Star Guild and Filmfare — CCL and IPL — Being Human T-shirt and UNESCO award — and — doctorate & hit & run and — Chutiyapa and ACTING!!
SRK —
IPL
Akon
launch Deepika
Filmfare
Global Star
ACTING
Salman —
CCL
Sajid-Wajid
Launch Suraj
Star Guild
Local mohalla star
CHUTIYAPA
Controversy free superstars that I admire
1. Aamir
2. Ajay
3. Akshay.
4. Hritik
Real role models for their fans. Hardly you here anything embarrassing amongst them. This is where Akshay distinguishes himself. Pats his tax on due time. Last person to expect these kind of fraudulent acts from.
Kuch palle nhi padha
The tone of article is quite harsh
It’s clear that indicine is either salman fan or Srk hater
As indicine always try to bring srk down and salman up
It’s just a summon, he is not declared guilty