Indian Premier League's Rajasthan Royals get Rs 100 cr forex violations penalty notice

The penalty order states that the ED probe has found that foreign investments of the firm were in contravention of Section 6 of FEMA which deals with transfer or issue of security by a person resident outside India, and other sub-sections of the said Act.

The agency, during its probe, relied on the bank documents and statements made by the directors and investors of Rajasthan Royals.

The ED has issued almost 24 show cause notices, amounting Rs 2000 crore, under FEMA against various IPL franchises and the BCCI in the probe in these cases.

Bollywood star Shilpa Shetty and her businessman husband Raj Kundra also have stake in the franchise, which defied the odds to become the inaugural IPL champion.

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