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ED slaps Rs 98.5-cr notice on Royals

New Delhi/Mumbai, February 4
The Enforcement Directorate (ED) has slapped a penalty notice of approximately Rs 100 crore against IPL team Rajasthan Royals for allegedly violating forex laws in its business operations.

The agency, which issued the penalty notice after a two years of investigations under the Foreign Exchange Management Act (FEMA), has sent out three separate notices to the IPL franchise totalling Rs 98.5 crore plus some other similar notices earlier, sources said.

While a Rs 50 crore penalty has been slapped on Jaipur IPL Cricket Private Limited (JIPL) and its directors, owners of Rajasthan Royals, Rs 34 crore notice for evasion of forex duties has been issued against EM Sporting Holding, Mauritius and its directors.

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

All the three parties can appeal against this penalty order in the appellate authority of FEMA. The order requires the IPL team to pay up in 45 days.

The ED has been investigating financial and foreign exchange irregularities against all the IPL franchises for almost two years now and this is the first big order against any team. PTI

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