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NDTV
10 hours ago
- Business
- NDTV
Ex-RR Owner Raj Kundra, Banned For Betting In 2015, Accused Of Blackmailing Current Owner: Report
Indian Premier League cricket franchise Rajasthan Royals' majority owner on Wednesday accused his former co-owner of trying to blackmail him by alleging he was defrauded out of his minority stake in the club. London-based venture capitalist Manoj Badale and his company Emerging Media Ventures are suing businessman Raj Kundra at London's High Court for allegedly breaching a 2019 confidential settlement agreement. The case centres on Kundra's former shares in Rajasthan Royals, winner of 2008's inaugural IPL which is now cricket's richest tournament with a brand value of $12 billion. Badale's lawyer Adam Speker said Kundra, who is married to Bollywood star Shilpa Shetty, had threatened to report serious allegations to Indian authorities in a "blackmail attempt". Kundra, however, says he has been told information about the claimants and his lawyer William McCormick that, if that is not true, "in due course it will be exposed". Kundra had to forfeit his 11.7% stake after being found guilty in 2015 of betting on IPL games in a scandal which led to the Rajasthan Royals being suspended for two years, Speker said. He added in court filings that Kundra emailed Badale "out of the blue" last month, alleging he had been "misled and defrauded of the rightful value of my 11.7% stake". The email to Badale said Kundra had filed a complaint with Indian authorities and threatened to make a report to India's Cricket Board (BCCI). Kundra added, however, that he was willing to discuss a deal involving "the restoration of my original equity or compensation reflecting the true and current valuation of the Rajasthan Royals franchise". Speker said Kundra also messaged disgraced IPL founder Lalit Modi this month, saying Badale "did not realise cheating me of the true value would cost him dearly". Badale and his Emerging Media Ventures, which holds a 65% stake in Rajasthan Royals, obtained an interim injunction against Kundra on May 30, preventing Kundra from breaching the settlement agreement by making disparaging statements. Kundra's lawyer McCormick said Kundra accepted the injunction should continue until a full trial of the lawsuit. "It is not an admission that anything improper has been done or is being threatened," McCormick said.
India Today
a day ago
- Business
- India Today
IPL: Rajasthan Royals owner accuses former co-owner of blackmail in UK court
Indian Premier League cricket franchise Rajasthan Royals' majority owner on Wednesday accused his former co-owner of trying to blackmail him by alleging he was defrauded out of his minority stake in the venture capitalist Manoj Badale and his company Emerging Media Ventures are suing businessman Raj Kundra at London's High Court for allegedly breaching a 2019 confidential settlement case centres on Kundra's former shares in Rajasthan Royals, winner of 2008's inaugural IPL which is now cricket's richest tournament with a brand value of $12 billion. Badale's lawyer Adam Speker said Kundra, who is married to Bollywood star Shilpa Shetty, had threatened to report serious allegations to Indian authorities in a "blackmail attempt".Kundra, however, says he has been told information about the claimants and his lawyer William McCormick that, if that is not true, "in due course it will be exposed".Kundra had to forfeit his 11.7% stake after being found guilty in 2015 of betting on IPL games in a scandal which led to the Rajasthan Royals being suspended for two years, Speker added in court filings that Kundra emailed Badale "out of the blue" last month, alleging he had been "misled and defrauded of the rightful value of my 11.7% stake".advertisementThe email to Badale said Kundra had filed a complaint with Indian authorities and threatened to make a report to India's Cricket Board (BCCI).Kundra added, however, that he was willing to discuss a deal involving "the restoration of my original equity or compensation reflecting the true and current valuation of the Rajasthan Royals franchise".Speker said Kundra also messaged disgraced IPL founder Lalit Modi this month, saying Badale "did not realise cheating me of the true value would cost him dearly".Badale and his Emerging Media Ventures, which holds a 65% stake in Rajasthan Royals, obtained an interim injunction against Kundra on May 30, preventing Kundra from breaching the settlement agreement by making disparaging lawyer McCormick said Kundra accepted the injunction should continue until a full trial of the lawsuit."It is not an admission that anything improper has been done or is being threatened," McCormick said.- EndsYou May Also Like
The Hindu
a day ago
- Business
- The Hindu
Rajasthan Royals' Badale accuses former co-owner Raj Kundra of blackmail in UK court
Indian Premier League cricket franchise Rajasthan Royals' majority owner on Wednesday accused his former co-owner of trying to blackmail him by alleging he was defrauded out of his minority stake in the club. London-based venture capitalist Manoj Badale and his company Emerging Media Ventures are suing businessman Raj Kundra at London's High Court for allegedly breaching a 2019 confidential settlement agreement. The case centres on Kundra's former shares in Rajasthan Royals, winner of 2008's inaugural IPL which is now cricket's richest tournament with a brand value of $12 billion. Badale's lawyer Adam Speker said Kundra, who is married to Bollywood star Shilpa Shetty, had threatened to report serious allegations to Indian authorities in a 'blackmail attempt'. Kundra, however, says he has been told information about the claimants and his lawyer William McCormick that, if that is not true, 'in due course it will be exposed'. Kundra had to forfeit his 11.7% stake after being found guilty in 2015 of betting on IPL games in a scandal which led to the Rajasthan Royals being suspended for two years, Speker said. ALSO READ | Nasser Hussain says Shubman Gill didn't have on-field aura of Rohit and Virat He added in court filings that Kundra emailed Badale 'out of the blue' last month, alleging he had been 'misled and defrauded of the rightful value of my 11.7% stake'. The email to Badale said Kundra had filed a complaint with Indian authorities and threatened to make a report to India's Cricket Board (BCCI). Kundra added, however, that he was willing to discuss a deal involving 'the restoration of my original equity or compensation reflecting the true and current valuation of the Rajasthan Royals franchise'. FILE PHOTO: Former Rajasthan Royals' co-owner Raj Kundra had to forfeit his 11.7% stake after being found guilty in 2015 of betting on IPL games in a scandal which led to the Rajasthan Royals being suspended for two years | Photo Credit: PTI Speker said Kundra also messaged disgraced IPL founder Lalit Modi this month, saying Badale 'did not realise cheating me of the true value would cost him dearly'. Badale and his Emerging Media Ventures, which holds a 65% stake in Rajasthan Royals, obtained an interim injunction against Kundra on May 30, preventing Kundra from breaching the settlement agreement by making disparaging statements. Kundra's lawyer McCormick said Kundra accepted the injunction should continue until a full trial of the lawsuit. 'It is not an admission that anything improper has been done or is being threatened,' McCormick said.
News18
a day ago
- Business
- News18
Rajasthan Royals Owner Accuses Ex-Co-Owner Raj Kundra Of Blackmail In UK Court
Last Updated: 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. First Published:
The Star
a day ago
- Business
- The Star
Cricket-IPL's Royals owner accuses former co-owner of blackmail in UK court
LONDON (Reuters) -Indian Premier League cricket franchise Rajasthan Royals' majority owner on Wednesday accused his former co-owner of trying to blackmail him by alleging he was defrauded out of his minority stake in the club. London-based venture capitalist Manoj Badale and his company Emerging Media Ventures are suing businessman Raj Kundra at London's High Court for allegedly breaching a 2019 confidential settlement agreement. The case centres on Kundra's former shares in Rajasthan Royals, winner of 2008's inaugural IPL which is now cricket's richest tournament with a brand value of $12 billion. Badale's lawyer Adam Speker said Kundra, who is married to Bollywood star Shilpa Shetty, had threatened to report serious allegations to Indian authorities in a "blackmail attempt". Kundra, however, says he has been told information about the claimants and his lawyer William McCormick that, if that is not true, "in due course it will be exposed". Kundra had to forfeit his 11.7% stake after being found guilty in 2015 of betting on IPL games in a scandal which led to the Rajasthan Royals being suspended for two years, Speker said. He added in court filings that Kundra emailed Badale "out of the blue" last month, alleging he had been "misled and defrauded of the rightful value of my 11.7% stake". The email to Badale said Kundra had filed a complaint with Indian authorities and threatened to make a report to India's Cricket Board (BCCI). Kundra added, however, that he was willing to discuss a deal involving "the restoration of my original equity or compensation reflecting the true and current valuation of the Rajasthan Royals franchise". Speker said Kundra also messaged disgraced IPL founder Lalit Modi this month, saying Badale "did not realise cheating me of the true value would cost him dearly". Badale and his Emerging Media Ventures, which holds a 65% stake in Rajasthan Royals, obtained an interim injunction against Kundra on May 30, preventing Kundra from breaching the settlement agreement by making disparaging statements. Kundra's lawyer McCormick said Kundra accepted the injunction should continue until a full trial of the lawsuit. "It is not an admission that anything improper has been done or is being threatened," McCormick said. (Reporting by Sam Tobin, editing by Ed Osmond)
