14/05/2015 8:34 AM IST | Updated 15/07/2016 8:25 AM IST

IPL: ED Summons Shah Rukh Khan And Juhi Chawla Over Forex Violations

Kolkata Knight Riders team co-owners and Bollywood actors Shah Rukh Khan, center and Juhi Chawla, second right, pose with West Bengal state Chief Minister Mamata Banerjee, left, and captain Gautam Gambhir, second left in cap, during a reception accorded to the team at the Eden Gardens stadium in Kolkata, India, Tuesday, May 29, 2012. Kolkata Knight Riders won the Indian Premier League cricket title on Sunday, defeating two-time defending champion Chennai Super Kings by five wickets in a high-scoring final. (AP Photo)

Kolkata Knight Riders co-owners, Bollywood superstar Shah Rukh Khan, actress Juhi Chawla and her husband Jay Mehta, have been served Enforcement Directorate (ED) summons for allegedly violating FEMA norms, official sources said here on Wednesday.

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.

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.

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