Owner of IPL team Kolkata Knight Riders, Shah Rukh Khan is summoned by the Enforcement Directorate in connection with sales of shares of his IPL team.

The ED is investigating two separate sales of shares by the company, as ED has alleged that the shares of KKR in two transactions were undervalued.

An audit report stated that when the equity shares of Knight Riders Sports Pvt Ltd (KRSPL) were issued to Sea Island Investment (SIIL), the fair value per equity shares of KRSPL should be between Rs 70 to Rs 86. However, the equity shares were issued at Rs 10 per share.

Secondly transfer of equity share of KRSPL to SIIL, the fair value per equity share should be between Rs 83 to 99 but was transferred at Rs 10 per share.

The ED also appointed chartered accountancy firm to audit the value of equity shares.In a statement to ED Khan stated that "The concept of IPL being new, they had done rough assessment of the profitability of the venture and from the ITT issued by the BCCI they understood that certain revenue streams were available to the franchisee as share from sale of commercial rights revenue. They were having a stadium which was the largest in India promising higher revenue from the sale of tickets and he was also confident of getting sponsorships because of his goodwill and that Mrs Juhi Chawla and according to their own estimate the franchisee was to break even after an initial period of 4-5 years".

Khan has recently kick-started with the gangster film, 'Raees' after wrapping up the shoot of 'Fan'.