ED questions Shah Rukh Khan for three hours on IPL stake

New delhi,November 12: Actor Shah Rukh Khan has recorded a statement with the Enforcement Directorate (ED) in connection with alleged irregularities in the sale of shares of Knight Riders Sports Pvt Ltd (KRSPL) to a Mauritius-based company. Khan is co-owner of the Kolkata Knight Riders franchise in the Indian Premier League. 

"Khan is not the only owner of the team. All the decisions of the team are taken by the management," the spokesperson said. 

In case of Kolkata Knight Riders, the ED is investigating two separate sale of shares by the company and its shareholder in 2009 and 2010 to Sea Island Investment Ltd, a Mauritius-based company. The ED has alleged that the shares of KKR in these two transactions were undervalued. The ED also appointed chartered accountancy firm, Chokshi & Chokshi LLP, to audit the value of equity shares of IPL franchisees to arrive at the correct valuation of the sale of shares.

ED officials refused to share details of the statement Khan recorded. A major contention of some of the IPL franchises is that sale of shares in the early days of IPL took place at a time when there was little in terms of valuations to go by. 

The IPL has been caught in a spate of controversies in recent years. In the last four years, the ED has issued showcause notices against teams, their owners, the Board for Control of Cricket in India (BCCI) and Lalit Modi, former IPL commissioner, for violation of foreign exchange norms.

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