MUMBAI: The High Court of Justice in England and Wales ruled that former Rajasthan Royals co-owner Raj Kundra was liable to pay $4.94 million to British entrepreneur Manoj Badale's company that held a majority stake in the IPL franchise through a subsidiary.

It held that Badale's company, UK-based Emerging Media Ventures Ltd (EMV), validly terminated a 2019 settlement agreement between the parties, making the amount immediately due under the contract.

The dispute related to a 11.7% stake that Kundra's Kuki Investments Ltd held in Mauritius-based EM Sporting Holdings, the EMV subsidiary that controlled the IPL franchise. The court in its order on Thursday also granted a permanent anti-suit injunction restraining Kundra and Kuki Investments from pursuing related claims outside the English proceedings.

The court held that Kundra had transferred his stake to EMV under a 2015 share transfer agreement and that, under the 2019 settlement agreement, he agreed not to assert any future claim over the shares in return for a settlement payment.

Trump Media pitched $100,000 monthly fee for 'fastest' feed of US president's posts: Report

According to the judgment, EMV terminated the settlement agreement in July 2025 after alleging repeated material breaches by Kundra. The legal dispute preceded media reports that EMV was exploring a sale of Rajasthan Royals. Earlier this year, the Lakshmi Mittal family and Adar Poonawalla of Serum Institute of India acquired a controlling stake in Rajasthan Royals at a valuation of $1.65 billion. Badale holds a minority stake after the deal.

The UK court held that the termination was valid and that Kundra had no real prospect of successfully defending the contractual claims.

US and Iran escalate strikes across Mideast; bridges and a water plant hit

Justice Griffiths restrained Kundra and his company from pursuing proceedings on this matter before India's National Company Law Tribunal or any other court or tribunal outside England.

Kundra had approached the NCLT, alleging oppression and mismanagement by EMV over his shareholding in the Mauritius company. He had also moved the Bombay High Court over an anti-suit injunction by the UK court preventing it from filing a case in another jurisdiction.

The judge held that the petition in the NCLT and proceedings in the Bombay High Court on the matter breached the parties' contractual undertakings. The judgment held the proceedings in India sought to litigate disputes whose natural forum was England and Wales, where proceedings were already pending. It also said the Bombay HC action sought to "overturn or disrespect orders made by this court".