The ED move follows a notice sent in March this year and SRK and others would be required to appear before the agency by the May-end.

An IPL franchisee, the Knight Riders Sports Pvt Ltd is suspected to have violated FEMA (Foreign Exchange Management Act) norms by undervaluing its shares in a transfer deal with Jay Mehta's overseas company, Sea Island Investments Ltd.

Read more: SRK not be able to witness IPL contest at Wankhede Stadium

However, none of the co-owners have officially reacted to the development. A co-owner of KKR - among the highest valued IPL franchisee brands - Mehta is the leading light of Mehta Group, a multi-business entity in control of assets worth over USD 400 million in India, Britain, Africa and North America.

 

Latest News from Sports News Desk