ED slaps Rajasthan Royals with Rs.100 crore notice

New Delhi/Mumbai, Feb 4 (IANS) The Enforcement Directorate (ED) Monday slapped Indian Premier League (IPL) franchise Rajasthan Royals with a Rs.100 crore fine for alleged breaches of Foreign Exchange Management Act (FEMA). Rajasthan Royals have decided to appeal against the order.

Feb 4 2013, 10:14am CST | by

ED slaps Rajasthan Royals with Rs.100 crore notice
Photo Credit: BERTRAND GUAY, Getty Images

New Delhi/Mumbai, Feb 4 — The Enforcement Directorate (ED) Monday slapped Indian Premier League (IPL) franchise Rajasthan Royals with a Rs.100 crore fine for alleged breaches of Foreign Exchange Management Act (FEMA). Rajasthan Royals have decided to appeal against the order.

The ED has issued notices to Rajasthan Royals after two years of investogations under the FEMA. They had sent three notices amounting to around Rs.98.5 crore. In the past, the ED also had sent a few notices to Rajasthan Royals.

Royals in a statement said: "We are discussing the contents of the Order with our lawyers and intend to launch a full appeal against the order."

Of the total fine, a penalty of Rs.50 crore was slapped against Jaipur IPL Cricket Private Limited (JIPL) and its directors, owners of Rajasthan Royals. A fine of Rs.34 crore was slapped against EM Sporting Holding, Mauritius, and its directors for evasion of forex duties.

Another notice of Rs.14.5 crore has been issued against Ms ND Investments, United Kingdom, and its directors.

The three parties have 45-day period to pay the fine but they can also appeal against it in the appellate authority of FEMA.

The penalty notice came a day after the players' auction for this season's IPL was held in Chennai.

IANS

Source: IANS

 
 
 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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