The majority owner of the Indian Premier League cricket franchise Rajasthan Royals, Manoj Badale, has accused his former co-owner, Raj Kundra, of attempting to blackmail him by claiming he was defrauded out of his minority stake in the club. Badale, a London-based venture capitalist, and his company, Emerging Media Ventures, are suing Kundra at London’s High Court for allegedly breaching a confidential settlement agreement from 2019. The dispute revolves around Kundra’s former shares in Rajasthan Royals, the winner of the IPL’s inaugural season in 2008.
Kundra, who is married to Bollywood star Shilpa Shetty, allegedly threatened to report serious allegations to Indian authorities in a blackmail attempt, according to Badale’s lawyer. Kundra had to forfeit his 11.7% stake in the team in 2015 after being found guilty of betting on IPL games, leading to the Rajasthan Royals being suspended for two years. Kundra recently contacted Badale claiming he was misled and defrauded of the value of his stake and threatened to take action with Indian authorities and the BCCI.
Badale obtained an interim injunction against Kundra to prevent him from making disparaging statements, and Kundra’s lawyer acknowledged that the injunction should continue until a full trial of the lawsuit. Kundra denied any wrongdoing and claimed that the truth would come out in due course. The legal battle between the former co-owners of Rajasthan Royals continues as they seek resolution over the ownership dispute.
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