King of Bollywood in trouble for financial irregularities in IPL?
Sources told PTI, after this questioning, is expected to issue a final show-cause notice by December or early next year under FEMA in the probe involving
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
The case, dating back to 2008-09, pertains to the share sale of KRSPL, co-owned by Khan and his co-actor and friend
The central agency is probing allegations that shares sold to the Mehta-owned Sea Island
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
(Image credits: Indiatimes)