The High Court of England and Wales has ruled that businessman Raj Kundra must repay $4.94 million to Emerging Media Ventures (EMV) and is permanently barred from pursuing legal action in India regarding his former stake in IPL team Rajasthan Royals. This decision follows EMV’s sale of a majority share in Rajasthan Royals to a group led by Lakshmi Mittal and Adar Poonawalla for a reported $1.65 billion, marking one of the biggest transactions in IPL history. The court’s judgment resolves a longstanding dispute over Kundra’s 11.7% stake in the franchise, with Kundra previously claiming he was forced to sell his shares below their actual value.
The legal battle escalated as Kundra contested the sale of the controlling stake earlier this year, involving the National Company Law Tribunal and the Bombay High Court. He accused EMV of fraud, threatened regulatory bodies, and attempted to disrupt the transaction. EMV argued that Kundra’s actions violated a 2019 settlement where he accepted $4.94 million, renounced his rights to the Rajasthan Royals shares, and agreed to resolve any future disputes in English courts. Kundra had to exit Rajasthan Royals in 2015 after being found guilty of betting on IPL matches.
The court, led by Justice Griffiths, determined that Kundra had no viable defense against EMV’s claim and dismissed his allegations of fraud or misconduct in the settlement agreements. It was noted that Kundra had willingly entered into these agreements with legal representation. Additionally, the court made permanent an injunction preventing Kundra from pursuing legal action in India, directing him to repay the $4.94 million settlement amount plus interest due to repeated breaches by Kundra and Kuki Investments.
