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.

South Africa tour of Sri Lanka, 2014

Jul 24, 2014 (10:00 IST)   at Colombo

Afghanistan tour of Zimbabwe, 2014

Jul 24, 2014 (12:30 IST)   at Bulawayo

India tour of England 2014

Jul 27, 2014 (15:30 IST)   at Southampton

Pakistan tour of Sri Lanka, 2014

Aug 6, 2014 (10:00 IST)   at Galle

India tour of England 2014

Aug 7, 2014 (15:30 IST)   at Manchester

More

Afghanistan tour of Zimbabwe, 2014

Jul 22, 2014  at Bulawayo

Afghanistan won by 2 wkts

Afghanistan tour of Zimbabwe, 2014

Jul 20, 2014  at Bulawayo

Zimbabwe won by 8 wkts

Afghanistan tour of Zimbabwe, 2014

Jul 18, 2014  at Bulawayo

Zimbabwe won by 6 wkts

India tour of England 2014

Jul 17, 2014  at London

India won by 95 runs

South Africa tour of Sri Lanka, 2014

Jul 16, 2014  at Galle

South Africa won by 153 runs

Photos

Gallery: India vs England 2nd Test at Lord's

Videos

Alastair Cook jokes about his bowling

India’s wins in England — from 1971 to 2014

Ravindra Jadeja knighted by her majesty Queen Elizabeth II

India’s win over England in 2nd Test at Lord’s: Twitter reactions

Ishant Sharma pummels England into submission as India clinch Lord’s Test by 95 runs

Ishant Sharma registers name at Lord’s honours board, takes 6 wickets in 2nd Test against England

Bhuvneshwar Kumar England England vs India England vs India 2014 India India tour of England 2014 India vs England India vs England 2014 Ishant Sharma MS Dhoni South Africa South Africa tour of Sri Lanka 2014 Sri Lanka Sri Lanka vs South Africa Sri Lanka vs South Africa 2014

Sri Lanka to look for new coaching staff

MS Dhoni better wicketkeeeper than what he showed at Lord’s: Farokh Engineer

Sachin Tendulkar: Century at Perth in 1992 against Australia changed my career

Ishant Sharma latest to feature in Amul’s ad after India’s win in 2nd Test against England

Hashim Amla lauds Imran Tahir ahead of Sri Lanka vs South Africa second Test at Colombo

India vs England 3rd Test at The Ageas bowl: A sneak peek into England squad

Mohammad Irfan hopes Pakistani players will play in IPL

Stuart Binny and the selection conundrum for India’s third Test against England at Southampton

Can America be the ‘Land of Opportunity’ for cricket?

Graham Gooch’s fabulous numbers in all forms of cricket

Fan of the Day

Fan Cricket

Fan Cricket

11 Posts | 2 Fans

Brazil vs Netherlands, 3rd place Fifa World Cup 2014 match Video Highlights

Types of kisses – how many have you tried?

MS Dhoni better wicketkeeeper than what he showed at Lord’s: Farokh Engineer

Rangrasiya: Paro aka Sanaya Irani to die and comeback with a makeover

Idea offers free web pass to its users on Opera Mini

HRD minister Smriti Irani says 6,251 teachers’ posts vacant in central varsities

How many Xiaomi Mi 3 units did Flipkart sell in India?

Mandira Bedi launches children’s toy brand!

Beauty Tip #25: How to select the right shade of foundation

Sri Lanka to look for new coaching staff

Android launches Walking Tours App for tourists in India!

Also on cricketcountry.com

Play Fantasy Cricket & Win

Cash Daily! Click here