Rajasthan Royals "intend" to appeal Enforcement Directorate order

The agency, which issued the notice after two years of investigations under the Foreign Exchange Management Act (FEMA), has sent out three separate notices to the IPL franchise totalling Rs 98.5 crore plus some other similar notices earlier, sources said.

updated: February 04, 2013 20:53 IST
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Mumbai: Rajasthan Royals on Monday stated that it "intends to launch a full appeal" against the Enforcement Directorate (ED) order to slap a penalty notice of approximately Rs 100 crore against the IPL franchise for alleged violation of forex laws in its business operations.

"Rajasthan Royals has today received an Order from the Enforcement Directorate in respect of alleged breaches of FEMA. We are discussing the contents of the Order with our lawyers and intend to launch a full appeal against the Order," the franchise said in a statement.

"We will not be making any further statement on this matter at this time," it added.

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