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Rajasthan Royals to challenge ED's Rs.100 crore fine

Posted on Feb 04, 09:32PM | IBNS

New Delhi/Mumbai, Feb 4 : Rajasthan Royals said Monday that they would be appealing against the Rs.100 crores fine slapped on them by the Enforcement Directorate (ED) for alleged breaches of the Foreign Exchange Management Act (FEMA).

Royals in a statement said: "We are discussing the contents of the Order with our lawyers and intend to launch a full appeal against the Order."

The notices against Rajasthan Royals were issued after two years of investigations under the FEMA.

They had sent three notices amounting to around Rs 98.5 crores. In the past, ED also had sent few notices to Rajasthan Royals.

Out of the total fine, a penalty of Rs 50 crores was slapped against Jaipur IPL Cricket Private Limited (JIPL) and its directors, owners of Rajasthan Royals.

A fine of Rs 34 crores was slapped against EM Sporting Holding, Mauritius and its directors for evasion of Forex duties.

Another notice of Rs 14.5 crores has been issued against Ms ND Investments, United Kingdom and its directors.

The three parties have 45-day period to pay the fine but they can also appeal against it in the appellate authority of FEMA.

The penalty notice came a day after the players' auction for this season's IPL was held in Chennai.