Shah Rukh Khan and Juhi Chawla allegedly violate foreign exchange law

None of the co-owners have officially reacted to the development yet

MUMBAI: Bollywood superstar Shah Rukh Khan and his Kolkata Knight Riders co-owners, B-Town actress Juhi Chawla and her husband Jay Mehta, have been served Enforcement Directorate (ED) summons for allegedly violating FEMA norms, official sources said here on Wednesday.

The ED move follows a notice sent in March this year and SRK and others would be required to appear before the agency by the May-end.

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An IPL franchisee, the Knight Riders Sports Pvt Ltd is suspected to have violated FEMA (Foreign Exchange Management Act) norms by undervaluing its shares in a transfer deal with Jay Mehta’s overseas company, Sea Island Investments Ltd.

However, none of the co-owners have officially reacted to the development.

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A co-owner of KKR - among the highest valued IPL franchisee brands - Mehta is the leading light of Mehta Group, a multi-business entity in control of assets worth over USD 400 million in India, Britain, Africa and North America.