Raj Kundra Moves NCLT Alleging Illegal Share Transfer in Rajasthan Royals

In a significant development concerning the Indian Premier League, the former face of Rajasthan Royals, Mr. Raj Kundra has filed a Company Petition alleging serious allegations of oppression and mismanagement in Royals Multisport Private Limited, the parent company of the Rajasthan Royals franchise, before the Bombay Bench of National Company Law Tribunal. The case was argued today by Advocate Shivanshu Bhardwaj on behalf of Mr. Kundra.

Also Read: Manish Malhotra Postpones Gustaakh Ishq Premiere to Honour Dharmendra

The following could be inferred from the same:

Mr. Kundra has approached the NCLT after discovering that his shareholding in the franchise was illegally transferred in 2015 without his knowledge or consent, and that an undervalued settlement was forced upon him in 2019 at nearly half of the amount for which his shares were subsequently sold. These actions have caused significant financial prejudice and represent a clear violation of his rights as a shareholder.

Through this petition, we are seeking:

1.Restoration of Mr. Kundra’s rightful shareholding,

2.A forensic examination of the transactions undertaken, and

3.Removal of Mr. Manoj Badale and other responsible individuals from the Board, for their role in perpetrating and benefiting from these unlawful and oppressive acts.

It seemed from the arguments that Mr. Kundra remains confident that the truth will come out through due process, and that all steps taken against his interests will be fully exposed before the Hon’ble Tribunal.

Also Read: Shri Gulshan Kumar’s Hanuman Chalisa Enters YouTube’s Global Top 10 Most-Viewed Videos