New Delhi—The High Court of England and Wales has ordered businessman Raj Kundra to repay $4.94 million to Emerging Media Ventures and permanently barred him from pursuing related legal proceedings in India over his former stake in the Rajasthan Royals.
The ruling represents a major victory for Emerging Media Ventures, or EMV, in a long-running dispute concerning Kundra’s former 11.7% shareholding in the Indian Premier League franchise.
The judgment came months after EMV and its shareholders completed the sale of a controlling stake in the Rajasthan Royals to a consortium led by billionaire Lakshmi Mittal and his family, along with Serum Institute of India CEO Adar Poonawalla. The transaction was reportedly valued at $1.65 billion.
Kundra had alleged that he was forced to sell his stake for substantially less than the franchise’s true value. As the controlling-stake sale moved forward, he initiated proceedings before India’s National Company Law Tribunal and the Bombay High Court, accused EMV and co-founder Manoj Badale of fraud and concealment, and sought to challenge or disrupt the transaction.
EMV argued that those actions violated a 2019 settlement agreement under which Kundra accepted $4.94 million, relinquished all rights to the Rajasthan Royals shares and agreed that future disputes would fall under the exclusive jurisdiction of English courts.
Kundra left the franchise after being found guilty of betting on IPL matches in 2015. He later transferred his shares under a Share Transfer Agreement before signing the 2019 settlement, which prevented him from making further ownership claims, bringing proceedings outside England or publicly alleging wrongdoing in connection with the transfer.
Justice Griffiths found that Kundra had “no realistic prospect” of successfully defending EMV’s claim and said there was “no evidential basis” for his allegation that the 2015 share transfer or the 2019 settlement had been obtained through fraud or unconscionable conduct.
The court noted that Kundra entered both agreements voluntarily and while represented by legal counsel.
The judgment made permanent an anti-suit injunction initially issued in January. The order prevents Kundra and Kuki Investments from continuing the company petition in Mumbai or initiating related proceedings in India in violation of the settlement’s exclusive English jurisdiction provision.
The court also ordered Kundra and Kuki Investments to repay the $4.94 million jointly and severally, along with interest. It concluded that EMV had validly terminated the settlement agreement because of repeated breaches. (Source: IANS)
