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Rajasthan Royals' owner Manoj Badale accuses Raj Kundra of blackmail in UK court
Raj Kundra, who is married to Bollywood actor Shilpa Shetty, had forfeited his 11.7% stake after being found guilty in betting charges in the 2015 tournament
Manoj Badale, London-based venture capitalist and owner of Rajasthan Royals
Indian Premier League (IPL) franchise Rajasthan Royals' owner Manoj Badale and his company Emerging Media Ventures have reportedly sued Raj Kundra, the former owner of the cricket team for breaching the 2019 confidential settlement agreement.
According to a report by Reuters, Badale said Kundra was trying to blackmail him by alleging that he was defrauded out of the minority stake in the team.
Kundra, who is married to Bollywood actor Shilpa Shetty, had forfeited his 11.7% stake after being found guilty in betting charges in the 2015 tournament, after which Rajasthan Royals was suspended for two years.
Badale alleged that Kundra dropped him an email "out of the blue", which mentioned, he was "misled and defrauded of the rightful value of my 11.7% stake".
Badale, who is a venture capitalist, has sued Kundra at London's High Court. His lawyer Adam Speker had warned to report serious allegations to Indian authorities in a "blackmail attempt".
Badale holds a 65% stake in Rajasthan Royals, while the other two stakeholders are RedBird Capital Partners, a US-based equity firm that owns 15% and media executive Lachlan Murdoch has not disclosed exact shares. Reuters report said that Badale obtained an interim injunction against Kundra on 30 May, preventing Kundra from violating the settlement agreement by making derogatory remarks.
Meanwhile, Kundra's lawyers said he accepted the injunction should continue until a full trial of the lawsuit.
Rajasthan Royals won the inaugural edition of the IPL in 2008. They made the playoffs six times, including in IPL 2022.
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