Feb 4 2013, 10:14am CST | by Luigi Lugmayr
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.
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