Tribulations for KXIP continue

The Enforcement Directorate (ED) office in Chandigarh is awaiting replies from Kings XI Punjab directors on documents sought by the department. Even though more than a week has lapsed, the company directors have failed to furnish the information.

The ED is investigating whether any violations related to Foreign Exchange Maintenance Act (Fema) provisions has been done by the franchise owners.

Sources said the company had failed to furnish the information sought by the ED within 7 days and had sought more time for the same.

Even the Income Tax department has conducted enquiries related to the franchise. The CEO of KPH Dream Cricket Private Ltd, Anil Srivastava was questioned by the IT sleuths at Panchkula. Last week also enquiries were conducted by them at the office of KPH Dream Cricket Private Ltd, the company which owns and operates IPL franchisee Kings XI Punjab (KXIP), in Mohali.

Last week summons were issued by a local court to KPH Dream Cricket Pvt Ltd and its four directors Preity Zinta, Ness Nusli Wadia, Karan Paul and Mohit Burman, on complaints filed by the Registrar of Companies (RoC) accusing them of violating norms under the Companies Act.

KPH Dream Cricket Private Ltd and its directors are said to have violated norms under Section 220 of the Companies Act and are liable for punishment under Section 162 of the Act.

Around 190 days have lapsed and the default continues as per the complainant.