ibnlive » India

Feb 04, 2013 at 04:02pm IST

ED slaps Rs 100 crore notice on Rajasthan Royals for FEMA violations

Mumbai: A day after the player auctions for Indian Premier League Season 6, the Enforcement Directorate has slapped a notice of Rs 100 crore on the Indian Premier League franchise Rajasthan Royals over alleged violations of the Foreign Exchage Management Act (FEMA).

This came after the ED found that the foreign investments made by the Rajasthan Royals were in contravention of Section 6 of FEMA. ED officers told CNN-IBN that several showcause notices were also issued to the franchise in April 2011.

The directors and foreign investors of the Rajasthan Royals were also questioned regarding the allegations in April 2011. Actress Shilpa Shetty is one of the stakeholders of the franchise. Other teams of the IPL have also been facing corruption charges.