A fresh legal battle has emerged over the ownership history of Rajasthan Royals, with former co-owner Raj Kundra escalating his long-running dispute with Manoj Badale and Emerging Media Ventures through new proceedings in India. According to a report by Sports NDTV, Kundra has filed a petition before the National Company Law Tribunal (NCLT) alleging oppression and mismanagement, while also writing to the Board of Control for Cricket in India (BCCI) over matters connected to the franchise’s original IPL bid.
Kundra outlines fresh allegations
Kundra said he had chosen to speak publicly after remaining silent for several years about the dispute surrounding his former investment in the franchise.
In an official statement, he said, “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.”
He also alleged that the value of his former shareholding had not been properly disclosed during the sale process.
He added, “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.”
Legal proceedings expand
Kundra confirmed that the dispute has now moved into formal legal proceedings in India.
Kundra stated, “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.”
He also confirmed that he has submitted documents to the BCCI for consideration.
He said in the statement, “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.”
Evidence and shareholder dispute
Kundra said he intends to rely on documentary evidence to support his allegations regarding the handling of his former shareholding.
He continued, “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.”
He also criticised what he described as a gap between public perception and corporate conduct.
He said, “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.”
Kundra further alleged that Badale failed in his responsibilities while acting on his behalf.
He added, “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.”
Long-running dispute continues
The latest developments mark another chapter in a dispute that has continued for several years. As previously reported by cricexec, Badale and Emerging Media Ventures previously brought legal proceedings against Kundra in the UK, alleging that he had breached a confidential settlement agreement, while Kundra maintained he had been deprived of the true value of his former 11.7% shareholding in Rajasthan Royals.
Kundra exited the franchise’s ownership structure in 2015 after receiving a life ban from cricket-related activities following the IPL betting scandal. His investment in Rajasthan Royals dated back to 2009, when he acquired an 11.7% stake in the franchise following its title-winning inaugural IPL campaign.
Ownership changes add wider context
The dispute has continued against the backdrop of significant ownership changes at Rajasthan Royals.
As previously reported by cricexec, the franchise was subsequently acquired by the Mittal family in partnership with Adar Poonawalla in a deal valued at approximately US$1.65 billion, marking one of the biggest ownership transactions in cricket.
The Economic Times also reported that separate proceedings are continuing in London involving minority shareholders in Emerging Media Ventures, with claims linked to the sale process and the valuation of their holdings. Emerging Media Ventures has yet to file its defence in that case, according to the publication.
Kundra ends with warning
Kundra closed his statement by expressing confidence that the legal process would determine the outcome of the dispute.
He said, “The truth does not fear scrutiny. The evidence will speak for itself.”
He concluded with a direct message to Badale, stating, “See you in court, Manoj Badale.”
