UK Court orders Raj Kundra to pay $4.94 million to EMV
MUMBAI: The High Court of Justice in England and Wales ruled that former Rajasthan Royals co-owner Raj Kundra was liable to pay $4.94 million to British entrepreneur Manoj Badale's company that held a majority stake in the IPL franchise through a subsidiary.
It held that Badale's company, UK-based Emerging Media Ventures Ltd (EMV), validly terminated a 2019 settlement agreement between the parties, making the amount immediately due under the contract.
The dispute related to a 11.7% stake that Kundra's Kuki Investments Ltd held in Mauritius-based EM Sporting Holdings, the EMV subsidiary that controlled the IPL franchise. The court in its order on Thursday also granted a permanent anti-suit injunction restraining Kundra and Kuki Investments from pursuing related claims outside the English proceedings.
The court held that Kundra had transferred his stake to EMV under a 2015 share transfer agreement and that, under the 2019 settlement agreement, he agreed not to assert any future claim over the shares in return for a settlement payment.
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According to the judgment, EMV terminated the settlement agreement in July 2025 after alleging repeated material breaches by Kundra. The legal dispute preceded media reports that EMV was exploring a sale of Rajasthan Royals. Earlier this year, the Lakshmi Mittal family and Adar Poonawalla of Serum Institute of India acquired a controlling stake in Rajasthan Royals at a valuation of $1.65 billion. Badale holds a minority stake after the deal.
It held that Badale's company, UK-based Emerging Media Ventures Ltd (EMV), validly terminated a 2019 settlement agreement between the parties, making the amount immediately due under the contract.
The dispute related to a 11.7% stake that Kundra's Kuki Investments Ltd held in Mauritius-based EM Sporting Holdings, the EMV subsidiary that controlled the IPL franchise. The court in its order on Thursday also granted a permanent anti-suit injunction restraining Kundra and Kuki Investments from pursuing related claims outside the English proceedings.
The court held that Kundra had transferred his stake to EMV under a 2015 share transfer agreement and that, under the 2019 settlement agreement, he agreed not to assert any future claim over the shares in return for a settlement payment.
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According to the judgment, EMV terminated the settlement agreement in July 2025 after alleging repeated material breaches by Kundra. The legal dispute preceded media reports that EMV was exploring a sale of Rajasthan Royals. Earlier this year, the Lakshmi Mittal family and Adar Poonawalla of Serum Institute of India acquired a controlling stake in Rajasthan Royals at a valuation of $1.65 billion. Badale holds a minority stake after the deal.
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