Former Rajasthan Royals co-owner Raj Kundra has launched legal action against current owner Manoj Badale and Emerging Media Ventures. In a public statement, Kundra has filed a petition alleging shareholder oppression and financial mismanagement, warning Badale that the dispute will be settled in court.
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.
Raj Kundra, who bought an 11.7% stake in Rajasthan Royals in 2009, has accused Emerging Media Ventures (EMV) of financial mismanagement and shareholder oppression. In a public statement, he alleged that key details about the final sale value of his shares were deliberately withheld from him.
"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."
Kundra's association with the IPL came under scrutiny in 2013 after he was accused of illegal betting during the tournament. Following an investigation by the Justice Lodha Committee, which was appointed by the Supreme Court of India, he received a lifetime ban from all cricket-related activities in 2015.
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
Raj Kundra has filed a petition before the National Company Law Tribunal (NCLT) in Mumbai, alleging oppression and mismanagement against Manoj Badale and others connected with Emerging Media Ventures. He also said he has submitted documents to the BCCI seeking an independent review.
"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
Earlier this month, the High Court of England and Wales ordered Raj Kundra to repay $4.94 million to Emerging Media Ventures and barred him from pursuing proceedings in India over his former Rajasthan Royals shareholding.
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.
"While acting as a proxy and fiduciary in relation to my shareholding in the Rajasthan Royals, Manoj Badale had a duty to protect my interests. It is my case that this duty was breached and that my trust was betrayed. The truth does not fear scrutiny. The evidence will speak for itself. See you in court, Manoj Badale."
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