October 26, 2014

Shilpa Shetty and IPL owners fined $18.8 million

By Sayed Jawad - Tue Feb 05 2013, 11:11 am

Rajasthan Royals fined $18.8 millionIndian finance ministry has fined high-profile owners of Indian Premier League side Rajasthan Royals for a billion rupees ($18.8 million) over alleged foreign exchange violations.

The owners according to the enforcement directorate of the ministry of finance include Bollywood star Shilpa Shetty and her businessman husband Raj Kundra, 45 days to pay the fine.

According to a statement released by the enforcement directorate, “The foreign investment in the franchise was made in flagrant contravention of Foreign Exchange Maintenance Act.”

The government of India in a rare action for the first time imposed such a fine on an IPL team by the government, which has been investigating financial and foreign exchange irregularities in the Twenty20 league.

The statement further added, “We are discussing the contents of the order with our lawyers and intend to launch a full appeal against the order.”

In the meantime the team Rajasthan Royals said they were seeking legal advice and would appeal against the order.

The IPL has become a major event in the international cricket calendar, attracting the world’s most exciting playersto entertain large domestic audiences.

The inaugural edition of the IPL was won by Rajasthan Royals in 2008 under the captaincy of Australian spin great Shane Warne, but failed to qualify for the play-offs last year.

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