Play Fantasy Cricket & Win

Cash Daily! Click here

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.

Indian T20 League 2014

Apr 23, 2014 (20:00 IST)   at Dubai

Indian T20 League 2014

Apr 24, 2014 (20:00 IST)   at Sharjah

Indian T20 League 2014

Apr 25, 2014 (16:00 IST)   at Dubai

Indian T20 League 2014

Apr 25, 2014 (20:00 IST)   at Dubai

Indian T20 League 2014

Apr 26, 2014 (16:00 IST)   at Abu Dhabi

More

Indian T20 League 2014

Apr 22, 2014  at Sharjah

Kings XI Punjab won by 72 runs

Indian T20 League 2014

Apr 21, 2014  at Abu Dhabi

Chennai Super Kings won by 93 runs

Indian T20 League 2014

Apr 20, 2014  at Sharjah

Kings XI Punjab won by 7 wkts

Indian T20 League 2014

Apr 19, 2014  at Dubai

Delhi Daredevils won by 4 wkts

Indian T20 League 2014

Apr 19, 2014  at Dubai

Royal Challengers Bangalore won by 7 wkts

Photos

CSK vs DD, IPL 2014 Match 8 at Abu Dhabi

Videos

IPL: Tanmay Mishra talks shows the contents of his kit

Rajasthan Royals (RR) vs Chennai Super Kings (CSK) Live Cricket Score IPL 2014: Royals lose quick wickets

Who else but Shakespeare on the World Book and Copyright Day?

IPL 2013: Shane Watson’s scintillating century against Chennai Super Kings goes in vain

John Small — The first man to use a straight bat

IPL 2014: Dwayne Bravo’s absence a major blow for Chennai Super Kings

Chennai Super Kings Delhi Daredevils Glenn Maxwell India IPL IPL 7 IPL 2014 Kings XI Punjab KXIP vs SRH MS Dhoni Mumbai Indians Rajasthan Royals Royal Challengers Bangalore Sanju Samson Sunrisers Hyderabad

Bhatia shows fight but Chennai surge ahead

Rajasthan slump to 92 for 8 after 16 overs

Smith departs as the Rajasthan Royals stumble further in their chase against Chennai Super Kings

Chennai Super Kings on top as Rajasthan continue to lose wickets in IPL 2014 match

Paul Farbrace appointed England’s assistant coach

Meg Lanning, Arran Brindle and other women cricketers who have led at a younger age than ther male counterparts

IPL 2013: Chris Gayle’s monumental 175 against Pune Warriors India

Aditya Verma waging war against BCCI for future of Bihar cricket

IPL 2014: Sunrisers Hyderabad need to have a relook at their top-heavy batting line-up

Hasan Raza: The youngest Test debutant

Fan of the Day

Suraj Gowda

Suraj Gowda

622 Posts | 7 Fans

Video Highlights: Virat Kohli's 77 during India vs Sri Lanka ICC World T20 2014 final at Dhaka

Rajasthan slump to 92 for 8 after 16 overs

Google Street View now lets users go back in time

Amazon takes on Flipkart, offers self service registration to sellers

P V Sindhu, Kashyap, Jwala Gutta and Ashwini Ponnappa progress in Badminton Asia Championships 2014

10 candidates to look out for in the sixth phase of Lok Sabha Elections

Sonakshi Sinha beats Akshay Kumar in basketball – Watch video!

Smith departs as the Rajasthan Royals stumble further in their chase against Chennai Super Kings

Nargis Fakhri and John Abraham encourage people to imbibe fitness

Also on cricketcountry.com