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Businessman Raj Kundra has suffered a major legal setback after the England and Wales High Court ruled against him in the long-running dispute related to his former stake in IPL franchise Rajasthan Royals.
The court has ordered Raj Kundra and his company Kuki Investments to pay $4.94 million along with interest to Emerging Media Ventures (EMV). The court has also permanently stopped Kundra from taking any further legal action in India regarding the Rajasthan Royals share dispute.
What Is the Raj Kundra Rajasthan Royals Dispute?
The legal battle is linked to Raj Kundra’s 11.7% stake in Rajasthan Royals. Kundra claimed that he was forced to sell his shares at a value much lower than the actual worth of the franchise.
However, EMV argued that a 2019 settlement agreement had already resolved the matter. According to the agreement, Kundra accepted the settlement amount and gave up all rights related to the Rajasthan Royals shares.
The agreement also stated that any future disputes would be handled only by courts in England.
Raj Kundra’s Legal Challenge in India
After the process of selling Rajasthan Royals’ controlling stake began, Raj Kundra approached Indian courts and filed petitions before the National Company Law Tribunal (NCLT) and the Bombay High Court.
Kundra accused EMV and its co-founder Manoj Badale of fraud and hiding important information related to the share transfer process.
EMV, however, claimed that Kundra’s legal actions in India violated the terms of the 2019 settlement agreement.
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UK Court Rejects Raj Kundra’s Claims
While announcing the decision, Justice Griffiths said that Raj Kundra did not have a strong legal basis to challenge EMV’s claims.
- No evidence of fraud or unfair practices was found in the 2015 Share Transfer Agreement or the 2019 Settlement Agreement.
- Raj Kundra signed both agreements voluntarily after receiving legal advice.
- EMV’s decision to terminate the settlement agreement was valid due to repeated breaches.
Court Blocks Further Legal Action in India
The High Court has made the earlier anti-suit injunction permanent, preventing Raj Kundra and Kuki Investments from filing any new cases in Indian courts related to the Rajasthan Royals ownership dispute.
Raj Kundra Ordered to Repay $4.94 Million Settlement Amount
The court has directed Raj Kundra and Kuki Investments to jointly repay the $4.94 million settlement amount along with interest.
The court ruled that EMV had the right to cancel the agreement after repeated violations of the settlement terms.
Rajasthan Royals Stake Sold in $1.65 Billion Deal
The verdict comes after EMV and its shareholders completed the sale of their controlling stake in Rajasthan Royals to a group linked with the Lakshmi Mittal family and Adar Poonawalla.
The deal, reportedly valued at around $1.65 billion, is considered one of the biggest franchise ownership deals in IPL history.
Raj Kundra had separated from Rajasthan Royals following the 2015 IPL betting controversy after the Supreme Court’s decision. His stake was later transferred, but the transaction eventually became the centre of this legal dispute.
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