Rajasthan Royals Owner Accuses Ex-Co-Owner Raj Kundra Of Blackmail In UK Court
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Rajasthan Royals' owner Manoj Badale is suing ex-co-owner Raj Kundra for breaching a 2019 settlement.
Indian Premier League (IPL) franchise Rajasthan Royals' majority owner accused his former co-owner on Wednesday of attempting to blackmail him with claims that he was defrauded of his minority stake in the club.
London-based venture capitalist Manoj Badale and his company Emerging Media Ventures are suing businessman Raj Kundra in London's High Court for allegedly breaching a 2019 confidential settlement agreement.
The case revolves around Kundra's former shares in Rajasthan Royals, the winner of the 2008 inaugural IPL, which has now become cricket's wealthiest tournament with a brand value of $12 billion.
Badale's lawyer, Adam Speker, stated that Kundra, who is married to Bollywood star Shilpa Shetty, had threatened to report serious allegations to Indian authorities in an attempt at blackmail.
Kundra claims to have received information about the claimants and his lawyer, William McCormick, asserting that if it is untrue, it will eventually be revealed.
Kundra forfeited his 11.7% stake after being found guilty in 2015 of betting on IPL games, a scandal that led to the Rajasthan Royals being suspended for two years, according to Speker.
Court filings indicate that Kundra emailed Badale last month, alleging he had been misled and defrauded of the rightful value of his 11.7% stake.
In his email, Kundra mentioned he had filed a complaint with Indian authorities and threatened to report the matter to India's Cricket Board (BCCI).
Kundra also expressed willingness to discuss a deal involving either the restoration of his original equity or compensation reflecting the current valuation of the Rajasthan Royals franchise.
Speker further noted that Kundra messaged disgraced IPL founder Lalit Modi this month, stating Badale 'did not realise cheating me of the true value would cost him dearly".
Badale and Emerging Media Ventures, which holds a 65% stake in Rajasthan Royals, obtained an interim injunction against Kundra on May 30, preventing him from breaching the settlement agreement by making disparaging statements.
Kundra's lawyer, McCormick, said Kundra agreed the injunction should remain in place until a full trial of the lawsuit.
'It is not an admission that anything improper has been done or is being threatened," McCormick stated.
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