Home > News >

Rajasthan Royals fined Rs 98.5 crore by ED for violation of norms

Rajasthan Royals fined Rs 98.5 crore by ED for violation of norms

Enforcement Directorate found that Rajashthan Royals initial payment to the BCCI was made by Manoj Badale © AFP

Delhi: Feb 4, 2013

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 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 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. It comes just a day after auctions concluded in Chennai for the sixth edition of the glamorous cricket extravaganza.

The penalty order said the probe agency found that foreign investment in JIPL was made in “flagrant contravention of FEMA” and the investment made in this regard was made “much prior to the incorporation of JIPL”.

The penalty was issued after investigations pointed out that the funds in the firm have been remitted in an irregular manner and shares were allegedly issued in violation of forex rules stipulated and framed by the RBI.

West Indies tour of India, 2014

Oct 20, 2014 (14:30 IST)   at Kolkata

Pakistan vs Australia in UAE, 2014

Oct 22, 2014 (11:30 IST)   at Dubai

West Indies tour of India, 2014

Oct 22, 2014 (19:00 IST)   at Cuttack

South Africa tour of New Zealand, 2014

Oct 24, 2014 (03:00 IST)   at Mount Maunganui

Zimbabwe tour of Bangladesh, 2014

Oct 25, 2014 (09:00 IST)   at Dhaka

More

South Africa tour of New Zealand, 2014

Oct 21, 2014  at Mount Maunganui

South Africa won by 6 wkts

West Indies tour of India, 2014

Oct 17, 2014  at Dharamsala

India won by 59 runs

West Indies tour of India, 2014

Oct 14, 2014  at Visakhapatnam

Match cancelled

Pakistan vs Australia in UAE, 2014

Oct 12, 2014  at Abu Dhabi

Australia won by 1 run

West Indies tour of India, 2014

Oct 11, 2014  at Delhi

India won by 48 runs

Photos

New Zealand vs South Africa, 1st ODI

Videos

Australia perpare for 1st Test against Pakistan

MS Dhoni rested, Virat Kohli as captain, and other points of interest from squad for first 3 India vs Sri Lanka ODIs

India vs Sri Lanka 2014: MS Dhoni gets much-needed break ahead of Australia tour

Virat Kohli becomes fastest to 20 ODI hundreds

A Pakistan all-time XI: A galaxy of captains

Australia Australia tour of UAE 2014 India India vs West Indies India vs West Indies 2014 New Zealand Pakistan Salaam Cricket South Africa South Africa tour of New Zealand 2014 West Indies West Indies tour of India 2014 West Indies vs India West Indies vs India 2014

Luke Ronchi seeks consistency ahead of ICC World Cup 2015

Australia to play an ODI in Ireland

Rajasthan U-19 player slams record 18 sixes in double ton

India vs Sri Lanka 2014: Eden Gardens may host fourth ODI

WICB president Dave Cameron reportedly grilled by other executive members

Pakistan’s chances in ICC World Cup 2015 bleak: Mohammad Zahid

Quinton de Kock equals wicketkeeping record with six catches in South Africa vs New Zealand 1st ODI

MS Dhoni rested, Virat Kohli as captain, and other points of interest from squad for first 3 India vs Sri Lanka ODIs

India vs Sri Lanka 2014: MS Dhoni gets much-needed break ahead of Australia tour

Virat Kohli becomes fastest to 20 ODI hundreds

Fan of the Day

Suraj Gowda

Suraj Gowda

642 Posts | 9 Fans

Virat Kohli's Family Meets Anushka Sharma

अभिनेत्री हुमा कुरैशी ओरिफ्लेम की ब्रांड एंबेसडर

Has Bigg Boss 8 made Karishma Tanna the most hated person?

Pranab Mukherjee returns home after visit to Norway, Finland

Revealed: First look of Amitabh Bachchan-Farhan Akhtar’s Do!

7 reasons why having sex during pregnancy is great for your health

Videocon Infinium Graphite with gesture control feature launched, priced at Rs 10,499

Rupee up 19 paise against dollar in early trade

Twitter introduces Audio Cards to listen to music directly from your timeline

Also on cricketcountry.com

Play Fantasy Cricket & Win

Cash Daily! Click here