Businessman Raj Kundra has sought an immediate stay on the sale of IPL franchise Rajasthan Royals, urging the Board of Control for Cricket in India (BCCI) to withhold approval until all pending disputes linked to the transaction are fully adjudicated, sources told NDTV Profit.
According to sources, Kundra's legal team has formally written to the BCCI opposing approval of the deal in its current structure. The representation seeks non-approval of the transaction until there is full disclosure of Emerging Media's shareholding history, clarity on valuation mechanisms used, and adequate protection of minority shareholder rights, including Kundra's claimed stake.
People in the know say that Kundra has sought disclosure of Emerging Media's shareholding history and sought transparency on how shares were transferred and valued. The argument is that Kundra never signed a share transfer form and is thus seeking explanations on how his economic and beneficial interest was treated during subsequent transactions, the sources added.
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On the legal front, Kundra is pursuing parallel remedies. One matter before the National Company Law Tribunal pertains to alleged oppression and mismanagement within Emerging Media. Simultaneously, proceedings before the Bombay High Court are being actively pursued to seek an urgent injunction restraining the sale of Rajasthan Royals, given what his side describes as the seriousness and urgency of the issues involved.
A key aspect of the dispute revolves around an 11.7 percent stake tracing back to 2015. Sources close to Kundra said there was no requirement for divestment at that time, and even if divestment were mandated, the manner in which the stake was transferred raises serious legal and valuation concerns. Kundra's position is that the transfer lacked fairness and transparency, and that the underlying economic interest tied to the stake has not been extinguished in substance.
Responding to the counter view that a mandatory divestment eliminates any present claim, sources said Kundra considers the argument legally flawed. Even mandated divestment, they said, must comply with due process, fair valuation, and shareholder protection norms, failing which it remains challengeable.
As of now, there has been no formal response from the BCCI. However, it is learnt that the Kundra camp expects the regulator to exercise due diligence before granting any approval for the sale.
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