New Delhi: After receiving an order from the Enforcement Directorate in respect of alleged breaches of FEMA, Rajasthan Royals in a statement on Monday said that they were discussing the contents of the Order with their lawyers and they intend to launch a full appeal against the Order.

“We will not be making any further statement on this matter at this time,” the statement said.

It must be mentioned that the Enforcement Directorate(ED) has slapped a penalty notice of approximately Rs 100 crore against IPL team Rajasthan Royals for allegedly violating forex laws in its business operations.

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

While a Rs 50 crore penalty has been slapped on Jaipur IPL Cricket Private Limited (JIPL) and its directors, owners of Rajasthan Royals, Rs 34 crore notice for evasion of forex duties has been issued against EM Sporting Holding, Mauritius and its directors. A fresh notice of Rs 14.5 crore has been issued against Ms ND Investments, United Kingdom and its directors.

All the three parties can appeal against this penalty order in the appellate authority of FEMA. The order requires the IPL team to pay up in 45 days.