ED slaps Rs 100 cr notice on Royals

Source : IBNS
Last Updated: Mon, Feb 04, 2013 15:26 hrs
ED slaps Rs 100 cr notice on Royals

The Enforcement Directorate (ED) on Monday sent a notice of Rs 100 crore to Bollywood actress Shilpa Shetty's Indian Premier league (IPL) team Rajasthan Royals for allegedly violating the Foreign Exchange Management Act (FEMA).

"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)," CNN-IBN reported.

"This came after the ED found that the foreign investments made by the Rajasthan Royals were in contravention of Section 6 of FEMA," the news channel said.

The ED made the move a day after the 2013 IPL player auction took place on Sunday.

Rajasthan Royals had won the first edition of the IPL.

More from Sify: