Rajasthan Royals get Rs100 cr fine, ‘intend’ to appeal
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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 two years of investigations, has sent out three separate notices to the IPL franchise totalling to Rs 98.5 crore plus some other similar notices earlier, sources said.
A Rs 50 crore penalty has been slapped on Jaipur IPL Cricket Private Limited (JIPL) and its directors, owners of Rajasthan Royals and Rs 34 crore notice for evasion of forex duties has been issued against EM Sporting Holding, Mauritius and its directors. The order requires the IPL team to pay up in 45 days.
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.
Rajasthan Royals said that they "intend to launch a full appeal" against the ED order. "(We have) received an Order from the Enforcement Directorate in respect of alleged breaches of FEMA. We are discussing the contents of the Order with our lawyers and intend to launch a full appeal against the Order," the franchise said in a statement.