"See You In Court": Raj Kundra Warns Rajasthan Royals Owner Manoj Badale, Questions Original IPL Bid
Former Rajasthan Royals (RR) co-owner Raj Kundra, husband of Bollywood actor Shilpa Shetty, has filed a petition alleging oppression and mismanagement against current RR co-owner Manoj Badale's Emerging Media Ventures (EMV).
Former Rajasthan Royals (RR) co-owner Raj Kundra, husband of Bollywood actor Shilpa Shetty, has filed a petition alleging oppression and mismanagement against current RR co-owner Manoj Badale's Emerging Media Ventures (EMV). In a statement, Kundra has stated that he was deprived of the true value of his shareholding. Kundra has also said that he has remained silent regarding the "truth" of the matter, and has written to the Board of Control for Cricket in India (BCCI), providing documents and evidence. Kundra exited RR's ownership structure in 2015 after he was given a life ban from cricket-related activities by a panel appointed by the Supreme Court of India.
In 2009, Kundra had acquired an 11.7% stake in Rajasthan Royals, following the franchise's Indian Premier League (IPL) title win in 2008. However, Kundra was questioned by police over possible links to the 2013 IPL spot-fixing scandal. He was handed the life ban two years later.
Earlier this month, The High Court of England and Wales ordered Kundra to repay USD 4.94 million to Emerging Media Ventures and permanently barred him from pursuing proceedings in India over his former Rajasthan Royals shareholding, handing a significant legal victory to the investment vehicle months after it completed the sale of a controlling stake in the IPL franchise at a reported USD 1.65 billion valuation.
However, Kundra has now filed a petition against former RR majority stakeholder Manoj Badale and his company Emerging Media Ventures.
Here's his full statement on the issue:
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. I allege that material information relating to the price at which my shares were ultimately sold was concealed from me, while I was simultaneously encouraged to settle for substantially less than the value ultimately realised. If proven, such conduct would represent a serious breach of trust and fiduciary responsibility.
These issues form part of ongoing legal proceedings. I have filed a petition before the National Company Law Tribunal (NCLT), Mumbai, alleging oppression and mismanagement against Manoj Badale and others in connection with Emerging Media. I have complete faith in the judicial process and look forward to presenting my evidence before the appropriate forum.
In addition, I have written to the Board of Control for Cricket in India (BCCI), providing documents and evidence which, in my view, raise serious questions regarding the nature of certain investments connected with the original Rajasthan Royals bid and matters that I believe warrant further scrutiny. I have requested that the relevant authorities independently examine this material, which will also be placed before the appropriate legal and regulatory authorities as part of the ongoing process.
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.
What I find particularly troubling is that individuals who publicly portray themselves as paragons of integrity continue to enjoy positions of influence and prestige. Reputation should be built on transparency and honesty, not carefully curated perception.
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.
Raj Kundra"
Badale gave up his majority stake in RR earlier this year, as renowned industrialist Lakshmi N. Mittal and his son Aditya Mittal, along with Adar Poonawalla, acquired a majority stake of the franchise with a bid of USD 1.65 billion (approximately Rs 15,600 crore). The transaction consideration (USD 1.65 billion) represents the enterprise value of Rajasthan Royals' men's franchise, Paarl Royals and Barbados Royals.
Rajasthan Royals