The Enforcement Directorate (ED) has issued show-cause notices to four IPL teams in connection with a foreign exchange violation case during the second edition of the T-20 cricket extravaganza of IPL in South Africa held in 2009
Mumbai: The Enforcement Directorate (ED) has issued show-cause notices to four IPL teams in connection with a foreign exchange violation case during the second edition of the T-20 cricket extravaganza of IPL in South Africa held in 2009.
Officials said the notices have been issued to Indian Premier League (IPL) teams of-- Kings XI Punjab (Jaipur IPL Cricket), Rajasthan Royals (KPH Dream Cricket), Mumbai Indians (Indiawin Sports) and Chennai Super Kings (Ms India Cements) under provisions of the Foreign Exchange Management Act (FEMA).
ADVERTISEMENT
"The notices have been issued in connection with the violation of RBI regulations vis-a-vis handling and transfer of cash funds to overseas locations by these teams through their holding or owner companies. The total amount of violations is about Rs 5 crore," sources said.
The ED had registered a FEMA case against these teams and their holding companies to probe alleged violations of FEMA and concurrent RBI guidelines in 2010 and has now issued the notices for penalty.
The agency, sources said, had earlier recorded statements of various entities involved in this deal and the Special Director and the Adjudicating Authority based here followed it up with these notices.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
