Raj Kundra Targets Rajasthan Royals Owner in Fresh Legal Battle, Says ‘The Evidence Will Speak for Itself’

A fresh legal dispute has emerged around Indian Premier League (IPL) franchise Rajasthan Royals, with former stakeholder Raj Kundra initiating legal action against franchise owner Manoj Badale and Emerging Media Ventures (EMV) over allegations of shareholder oppression and financial mismanagement.

The dispute comes at a time when the franchise has been in the spotlight following a major ownership reshuffle. A consortium reportedly led by Lakshmi Mittal and Adar Poonawalla recently acquired a significant stake in the franchise in a deal valued at approximately $1.65 billion, making it one of the biggest transactions involving an IPL team.

Raj Kundra Questions Sale Process

Kundra, who acquired an 11.7% stake in the Rajasthan Royals in 2009, claims he was not given the true market value of his investment during the sale process. According to him, crucial financial details relating to the transaction were withheld, preventing him from making an informed decision.

In a strongly worded statement, Kundra alleged that Emerging Media Ventures failed to manage the company’s finances transparently and that the true value of his shareholding was never properly disclosed.

He said he remained silent for years while watching developments surrounding the franchise but insisted that his silence should not be interpreted as acceptance of what had taken place.”I have not received the market value of my shareholding. My silence should not be misinterpreted as acquiescence,” Kundra stated.

Petition Filed Before NCLT

Kundra confirmed that he has filed a petition before the National Company Law Tribunal (NCLT), Mumbai, naming Manoj Badale and other associated parties. He also revealed that he has approached the Board of Control for Cricket in India (BCCI), requesting an independent investigation into the matter.

According to Kundra, he possesses documentary evidence that allegedly demonstrates the actual amount recovered through the sale of his stake was not fully disclosed while negotiations were underway.

He maintains that the evidence will be presented before the appropriate judicial and investigative authorities during the legal proceedings.

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England Court Order Adds Complexity

The latest legal action follows a recent ruling by the High Court of England and Wales, which directed Kundra to repay approximately $4.94 million to Emerging Media Ventures. The court also instructed him not to initiate legal proceedings in India concerning his former shareholding.

Despite that order, Kundra has continued with his legal challenge in India, arguing that minority shareholders were not treated fairly and that fiduciary responsibilities were breached during the transaction.

In another pointed statement, Kundra accused Badale of betraying his trust and failing to safeguard the interests of minority investors.”The truth will stand scrutiny. The evidence will speak for itself. See you in court, Mr Badale,” he said.

A Controversial IPL History

Raj Kundra’s association with the Indian Premier League has remained controversial since 2013, when he came under investigation over allegations related to illegal betting during the tournament.

Following the inquiry, the Justice Lodha Committee imposed a lifetime ban on Kundra from all cricket-related activities in 2015. The controversy also resulted in Rajasthan Royals being suspended from the IPL for the 2016 and 2017 seasons.

The latest legal proceedings now add another chapter to the franchise’s long history of courtroom battles. As the case moves forward, it is expected to draw significant attention from both the corporate and cricketing worlds, particularly given the franchise’s recent ownership changes and the substantial financial stakes involved.

With petitions filed before Indian authorities and legal proceedings already underway internationally, the dispute is likely to remain under close watch in the coming months.