The Enforcement Directorate has issued a show cause notice to the owners of Kolkata Knight Riders Shah Rukh Khan, his wife Gauri Khan and Bollywood actress Juhi Chawla for violating the FEMA guidelines. The show cause notices have been issued by ED under Rule 4(1) of Foreign Exchange Management (Adjudication Proceedings and Appeal Rules), 2000. According to the ED, Shah Rukh Khan bought the IPL team in 2008 after a separate company Kolkata Knight Eiders Pvt Ltd. was formed from his Red Chillies entertainment with Gauri Khan being its director. Initially, all the shares were bought under her name but after team’s success, about 2 crore new shares were bought out of which 40 lakh shares were sold to Juhi Chawla for a par price of Rs 10 each.
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