Home > Sport > Other Sports
Wednesday February 6, 2013 MYT 12:00:00 AM
Wednesday April 17, 2013 MYT 1:39:34 AM
NEW DELHI: Owners of Indian Premier League side Rajasthan Royals were on Monday slapped with a fine of one billion rupees (US$18.8mil) for alleged foreign exchange violations, officials said.
The enforcement directorate of the ministry of finance said it had given the owners, who include Bollywood star Shilpa Shetty and her businessman husband Raj Kundra, 45 days to pay the fine.
“The foreign investment in the franchise was made in flagrant contravention of Foreign Exchange Maintenance Act,” the directorate said in a statement.
This is the first major fine imposed on an IPL team by the government, which has been investigating financial and foreign exchange irregularities in the Twenty20 league.
The directorate said as part of their investigations they had already issued 24 notices to IPL franchises and the Board of Control for Cricket in India (BCCI) on foreign exchange violations.
Rajasthan Royals said they were seeking legal advice and would appeal against the order.
“We are discussing the contents of the order with our lawyers and intend to launch a full appeal against the order,” they said in a brief press release.
The IPL has become a major event in the international cricket calendar, attracting the world’s most exciting players such Kevin Pietersen to entertain large domestic audiences.
But it has also been hit by a series of financial scandals, and its founder Lalit Modi was sacked in 2010 following allegations of corruption and money-laundering.
Rajasthan Royals won the inaugural edition of the IPL in 2008 under the captaincy of Australian spin great Shane Warne, but failed to qualify for the playoffs last year.
The sixth edition of the IPL will be held in April-May.
IPL chairman Rajeev Shukla declined to comment. — AFP
Tags / Keywords:
Others, Sport, Science Technology, cricket, india league fine
Hong Kong cricket club prove their mettle in hockey
Former Sri Lanka Test cricketer helps out with PJ juniors
Pakistan minister: Zimbabwe cricket match blast was ‘suicide bomb’
Penang Tamil schools take part in science fair
Nepal accept offer for annual cricket fundraiser
Snooker and Billiards will be in KL SEA Games
IOC says Tokyo's preparation 'outstanding', costs need watching
Ireland's Taylor eyes history after more gold
Paris enters race to host 2024 Olympic Games
Celebrate Raya in style with GEMFIVE
The 3 unexpected life events that leave us in debt
Masing: Treat dam-affected people fairly
LBU signs MoU to deliver Sarawak highway project
Fifty killed in North Sinai attacks claimed by Islamic State
Copyright © 1995-2015 Star Media Group Berhad (ROC 10894D)(Formerly known as Star Publications (Malaysia) Berhad)