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The Enforcement Directorate (ED) has slapped a penalty notice of approximately Rs 100 crore against IPL team Rajasthan Royals.
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The notice has been slapped for allegedly violating forex laws in its business operations.
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The penalty order said the probe agency found that foreign investment in Jaipur IPL Cricket Private Limited (JIPL) was made in "flagrant contravention of FEMA" and the investment made in this regard was made "much prior to the incorporation of JIPL".
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The penalty was issued after investigations pointed out that the funds in the firm have been remitted in an irregular manner and shares were allegedly issued in violation of forex rules stipulated and framed by the RBI.
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The agency issued the first penalty order against Rajasthan Royals in mid-2011 and it recently moved the FEMA Adjudicating Authority in Delhi to vet its investigation in this case and issue final orders.
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