Jun 26, 2025 01:25 PM IST
Manoj Badale’s Emerging Media Ventures holds a 65 percent stake in RR, and they also got an interim injunction against Raj Kundra on May 30.
IPL franchise Rajasthan Royals have been put under the scanner due to an ongoing legal tussle between majority owner Manoj Badale, and former co-owner Raj Kundra. London-based venture capitalist Badale has accused Kundra of trying to blackmail him by alleging that he was defrauded out of his minority stake, and it is a brech of their 2019 confidential settlemend agreement.
Badale’s lawyer Adam Speker accused Kundra of threatening to report serious allegations to the Indian authorities in a “blackmail attempt.”
Meanwhile, Kundra has stated that he has been told information about the claimants and his lawyer confirmed that it it is not true, then “in due course it will be exposed.”
Kundra was found guilty of betting on IPL games in 2015, in a scandal which rocked the nation and also saw RR get suspended for two years. Kundra had to forgeit his 11.7 percent stake after being found guilty.
Badele’s lawyer added in court proceedings that Kundra emailed his employer ‘out of the blue’ last month, alleging that he had been “misled and defrauded of the rightful value of my 11.7 percent stake.”
Meanwhile, the email also mentioned that Kundra had filed a complaint to the Indian authorities and also alleged that he would make a report to the BCCI. But he also added that he was willing to make a deal, which involved the “restoration of my original equity or compensation reflecting the true and current valuation of the Rajasthan Royals franchise.”
Badale’s lawyer also revealed that Kundra messaged IPL founder Lalit Modi, stating that Badale “did not realise cheating me of the true value would cost him dearly.”
Badale’s Emerging Media Ventures holds a 65 percent stake in RR, and they also got an interim injunction against Kundra on May 30, which avoids him from breaching the settlement agreement by making ant disparaging statements. Kundra’s lawyer revealed that he had accepted the injunction. Kundra’s lawyer said, “It is not an admission that anything improper has been done ir is being threatened.”
