Raj Kundra Takes Legal Action Against Rajasthan Royals Owner Over Financial Mismanagement Claims

Raj Kundra, the ex-partner of the Rajasthan Royals, has sued franchise owner Manoj Badale and EMV for shareholder oppression and financial mismanagement. The action and sale of the IPL team were initiated by him.

 

The legal battle comes not long after a consortium, led by Lakshmi Mittal and Adar Poonawalla, purchased the largest interest in the Rajasthan Royals, in reportedly a $1.65 billion deal. This change of ownership has resulted in a new legal battle with minority shareholders.

 

Kundra, who bought an 11.7% stake in the franchise back in 2009, has argued that he did not receive the correct valuation of his investment and the sale process kept some pertinent financial details from him.

 

Raj Kundra Alleges Shareholder Oppression

 

Kundra alleged in a written statement that Emerging Media Ventures "failed to manage the finances of the company properly," and that his actual interest in the company was "never divulged."