The Rajasthan Royals were recently sold in a deal valued at $1.65 billion. A consortium led by Lakshmi Mittal and Adar Poonawalla acquired a majority stake in the IPL franchise. The ownership change has since led to legal action in London from minority shareholders over the transaction.
"For years, I have remained silent while the truth surrounding my investment in Emerging Media and my shareholding in the Rajasthan Royals unfolded behind closed doors. That silence should never be mistaken for acceptance. It is my position that I have been deprived of the true value of my shareholding."
The Justice Lodha Committee also suspended the Rajasthan Royals from the IPL for two seasons. As a result, the franchise did not participate in the 2016 and 2017 editions of the tournament.
Raj Kundra moves NCLT, writes to BCCI
"I have preserved documentary evidence supporting my position, including evidence which I allege demonstrates that the true value realised from the sale of my shareholding was not disclosed to me while attempts were made to settle my claim for substantially less. That evidence will be presented before the appropriate investigative and judicial authorities."
England Court Ruling Adds Another Twist to Legal Dispute
The ruling came after EMV completed the sale of a controlling stake in the franchise at a reported $1.65 billion valuation. Kundra has continued his legal challenge and accused Manoj Badale of failing to protect his interests as a minority shareholder.
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