UK Court Orders Raj Kundra to Repay $4.94 Million to EMV, Bars Legal Action in India Over Rajasthan Royals Stake

New Delhi, July 2026 : The High Court of England and Wales has delivered a significant legal setback to businessman Raj Kundra, ordering him to repay $4.94 million to Emerging Media Ventures (EMV) and permanently restraining him from pursuing legal proceedings in India over his former shareholding in Indian Premier League (IPL) franchise Rajasthan Royals.

The judgment marks a major victory for EMV, ending another chapter in a long-running legal dispute over Kundra’s previous ownership stake in the IPL franchise. The ruling also reinforces the exclusive jurisdiction of English courts in matters arising from a 2019 settlement agreement between the parties.

The verdict comes just months after EMV and its shareholders completed the sale of a controlling stake in Rajasthan Royals to a consortium led by steel magnate Lakshmi Mittal and his family in partnership with Adar Poonawalla, Chief Executive Officer of the Serum Institute of India. The deal, reportedly valued at $1.65 billion, is considered one of the largest transactions in the history of the IPL.

The dispute centres on Kundra’s former 11.7 per cent stake in Rajasthan Royals. Kundra had alleged that he was forced to divest his shares at a price significantly below the franchise’s true market value. As negotiations for the sale of the controlling stake gathered pace earlier this year, he initiated legal proceedings before the National Company Law Tribunal (NCLT) and the Bombay High Court.

Kundra also publicly accused EMV and its co-founder Manoj Badale of fraud and concealment, threatened to approach the Board of Control for Cricket in India (BCCI) and other authorities, and sought to delay or block the completion of the ownership transaction.

EMV challenged these actions, arguing that they violated the terms of a 2019 settlement agreement. Under that settlement, Kundra had accepted $4.94 million in exchange for relinquishing all rights and claims relating to his Rajasthan Royals shares. The agreement also stipulated that any future disputes arising from the matter would fall exclusively under the jurisdiction of the courts in England and Wales.

Kundra’s association with Rajasthan Royals had ended after the Supreme Court of India found him guilty of betting on IPL matches in 2015. Following the verdict, he transferred his shareholding under a Share Transfer Agreement and subsequently entered into the 2019 settlement, which prohibited him from making further ownership claims, initiating legal proceedings outside England or publicly making allegations concerning the transfer of his shares.

In the latest ruling, Justice Griffiths rejected Kundra’s defence, observing that he had “no realistic prospect” of successfully contesting EMV’s claim. The court found no evidence to support allegations that either the 2015 Share Transfer Agreement or the 2019 Settlement Agreement had been obtained through fraud, coercion or unconscionable conduct.

The judgment noted that Kundra had voluntarily entered into both agreements while being represented by legal counsel, undermining his later claims that the arrangements were unfair or improperly secured.

The court also converted an interim anti-suit injunction, first granted in January, into a permanent order. The injunction restrains Kundra and Kuki Investments from pursuing the company petition pending before courts in Mumbai or initiating any further legal proceedings in India relating to the Rajasthan Royals shareholding in violation of the exclusive jurisdiction clause contained in the settlement agreement.

Additionally, the High Court directed Kundra and Kuki Investments, jointly and severally, to repay the entire $4.94 million settlement amount, along with applicable interest. The court concluded that EMV had lawfully terminated the 2019 settlement after determining that Kundra had repeatedly breached its terms.

The ruling effectively closes another major legal challenge surrounding the ownership history of Rajasthan Royals and strengthens EMV’s position following the franchise’s landmark sale to the Mittal-Poonawalla consortium. It also underscores the enforceability of international settlement agreements and jurisdiction clauses in cross-border commercial disputes involving Indian business interest

(The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)