THE HIGH COURT of England and Wales has ordered businessman Raj Kundra to repay approximately US$4.9 million after ruling that he repeatedly breached the terms of a confidential settlement agreement relating to his exit from Indian Premier League (IPL) franchise Rajasthan Royals.
The judgment marks the latest development in a long-running legal dispute between Kundra and Rajasthan Royals majority owner Manoj Badale over the former’s shareholding in the franchise.
The case was brought before the London High Court by Emerging Media Ventures (EMV), the investment vehicle controlled by Badale, and other claimants. They alleged that Kundra had violated a 2019 confidential settlement agreement under which he received US$4.9 million in exchange for resolving disputes connected to his former stake in Rajasthan Royals. The agreement also required him to refrain from making public allegations concerning the franchise and its ownership.
According to the court, Kundra repeatedly breached those obligations by publishing allegations on social media and sending communications to Indian authorities questioning the circumstances surrounding Rajasthan Royals’ ownership structure and his exit from the franchise. The judge concluded that these actions amounted to repeated violations of the settlement agreement and ruled that Kundra had “no realistic prospect” of successfully defending the claim. As a result, the court ordered him to repay the full US$4.9 million he had received under the settlement.
The dispute stems from Kundra’s former 11.7% interest in Rajasthan Royals. Kundra and his wife, actor Shilpa Shetty, were associated with the franchise until 2015, when the IPL team was suspended for two seasons following the betting scandal involving Kundra. After his exit, disagreements emerged over the valuation of his stake and the circumstances under which it was sold, eventually leading to the confidential 2019 settlement.
Despite the settlement, the conflict resurfaced in recent years as Kundra alleged that he had been defrauded of the true value of his investment and raised concerns over Rajasthan Royals’ ownership and historical financial transactions. Earlier this year, he wrote to the Board of Control for Cricket in India (BCCI) alleging financial irregularities linked to the franchise’s original ownership structure and also sought to halt the proposed sale of Rajasthan Royals until his claims were resolved.
The legal battle has extended beyond the United Kingdom. In March 2026, the Bombay High Court permitted Kundra’s company, Kuki Investments Ltd., to institute proceedings challenging an anti-suit injunction issued by the English High Court, allowing parallel litigation in India over aspects of the ownership dispute.
The latest ruling comes at a time when Rajasthan Royals has undergone significant ownership changes. The franchise has attracted renewed investor interest amid soaring IPL valuations, with ownership transactions reflecting the league’s rapid commercial growth and the increasing value of cricket franchises as global sports assets.
