November 18

SRK’s counsel argued for 5 hours to prove ED’s FEMA case baseless

first_imgIn a marathon legal hearing for five hours, Shah Rukh Khan’s legal counsel Dilip Sheth argued before the adjudicating authority of Enforcement Directorate to prove that the FEMA case is baseless.Sheth, also the legal counsel of SRK’s IPL franchise Knight Riders Sports Ltd (KRSPL), argued before the authority with the submission that the allegations of forex violation against the actor and his wife Gauri Khan are baseless.Last month, the ED had issued a notice to SRK and Gauri to be present before the adjudicating authority for the final hearing on the FEMA violation case on Wednesday. But both remained absent and on their behalf, legal counsel Sheth appeared before the authority along with KRSPL’s chief financial officer (CFO) Saloni Ganesh and some documents.ALSO READ |  SRK’s lawyer gets ready to counter ED’s auditor in IPL FEMA caseOn other end, Chokshi & Chokshi’s partner Mithil Chokshi, a chartered accountant and auditor who had submitted the valuation report against KRSPL with the findings of FEMA violation of around Rs 80 crore was present with his counsel.Chokshi’s report had alleged that the Bollywood actor allotted 90 lakh shares of KRSPL to Juhi Chawla and her husband Jay Mehta’s Mauritius-based company Sea Island Investment Ltd (SIIL) by undervaluing the share prices ie from Rs 80-90 per share to Rs 10.For five hours, SRK’s counsel tried to put his case “very strongly” before the authority. Sheth cross-examined Chokshi’s valuation report, word by word.ALSO READ |  SRK, Gauri get extenstion from ED in IPL FEMA case advertisementSheth refused to speak to India Today and before the hearing, he had protested the presence of journalists with ED officials claiming “it could affect the case”.”Further clarification and hearing of both parties will be sought, if required. The order in this case would be passed soon,” Vineet Agrawal, special director and head of adjudicating authority at ED, Mumbai told India Today.last_img read more