Rajasthan Royals faces Rs 100-cr ED penalty.....

Rajasthan Royals faces Rs 100-cr ED penalty for forex violations PTI

NEW DELHI/MUMBAI, FEB 4: 

IPL team Rajasthan Royals faces a penalty of approximately Rs 100 crore from the Enforcement Directorate (ED) for alleged violation of forex laws. The move comes barely two months before the sixth edition of the high-profile league gets underway.

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 to 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 Ltd (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 ND Investments, UK, and its directors.

To appeal

The franchise said it “intends to launch a full appeal” against the ED order.

“Rajasthan Royals has today received an order from the Enforcement Directorate in respect of alleged breaches of FEMA. We are discussing the contents of the order with our lawyers and intend to launch a full appeal against the order,” the franchise said in a statement.

“We will not be making any further statement on this matter at this time,” it added.

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