The High Court of Justice in England and Wales ordered former Rajasthan Royals co-owner Raj Kundra to pay $4.94 million to Emerging Media Ventures (EMV), ruling that the company lawfully terminated a 2019 settlement agreement.
The court also issued a permanent anti-suit injunction, restraining Kundra and Kuki Investments from pursuing related proceedings before India's NCLT or other courts outside England.
The dispute relates to an 11.7% stake in Rajasthan Royals' holding company, with the ruling coming after the IPL franchise's controlling stake was acquired earlier this year by the Lakshmi Mittal family and Adar Poonawalla at a reported valuation of $1.65 billion.
Former Rajasthan Royals co-owner Raj Kundra has been ordered by the High Court of Justice in England and Wales to pay $4.94 million to British entrepreneur Manoj Badale's company, Emerging Media Ventures Ltd (EMV), in a long-running dispute over shareholding in the Indian Premier League (IPL) franchise, The Economic Times reported.
The court held that EMV had validly terminated a 2019 settlement agreement with Kundra, making the outstanding payment immediately due under the terms of the contract.
4 July 2026
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Dispute Over Rajasthan Royals Stake
The case centres on an 11.7% stake held by Kundra's Kuki Investments Ltd in EM Sporting Holdings, a Mauritius-based subsidiary of EMV that controlled the Rajasthan Royals franchise.
According to the judgment, Kundra transferred his stake to EMV under a 2015 share transfer agreement.
Under a subsequent 2019 settlement agreement, he agreed not to assert any future claims over the shares in exchange for a settlement payment.
However, EMV terminated the agreement in July 2025, alleging repeated material breaches by Kundra.
The court ruled that the termination was lawful and concluded that Kundra had no real prospect of successfully defending the contractual claims.
Permanent Anti-Suit Injunction
Justice Griffiths also granted a permanent anti-suit injunction, restraining Kundra and Kuki Investments from pursuing related claims before India's National Company Law Tribunal (NCLT) or any other court or tribunal outside England.
The judgment held that proceedings initiated by Kundra in India violated the contractual commitments agreed upon by both parties.
Kundra had approached the NCLT alleging oppression and mismanagement by EMV in relation to his shareholding in the Mauritius-based company.
He had also moved the Bombay High Court challenging an earlier anti-suit injunction issued by the UK court.
Court Rejects Parallel Proceedings
The court held that the disputes should be resolved exclusively in England and Wales, where proceedings were already underway.
According to the judgment, the NCLT petition and the Bombay High Court proceedings sought to litigate issues that properly belonged before the English courts. It further observed that the Bombay High Court action attempted to "overturn or disrespect orders made by this court."
The legal battle preceded changes in the Rajasthan Royals ownership structure.
Earlier this year, the Lakshmi Mittal family and Serum Institute of India CEO Adar Poonawalla acquired a controlling stake in the IPL franchise at a reported valuation of $1.65 billion, with Badale retaining a minority stake after the transaction.
