July 31, 2026
Mr Justice Griffiths has handed down judgment in Emerging Media Ventures v Kundra. The judgment grants Emerging Media Ventures Limited (“EMV”), the ultimate majority shareholder in the IPL cricket team the Rajasthan Royals, and EMV’s director, Manoj Badale, summary judgment on claims against Indian businessman Raj Kundra and Mr Kundra’s Bahamian company, Kuki Investments (“Kuki”).
Mr Kundra, previously held an 11.7% interest in the Rajasthan Royals via Kuki (the “Shares”) which he surrendered in 2015 after being found guilty of illegal betting on cricket matches by the Indian Supreme Court.
The relief granted by Griffiths J on the merits includes:
1. An order that Mr Kundra repay a c.US$5m settlement payment made under a 2019 Settlement Agreement, upon the termination of the Settlement Agreement for Mr Kundra’s material breaches of that agreement. These breaches included Mr Kundra making allegations against EMV and Mr Badale of fraud to third parties and on social media.
2. A final injunction permanently restraining Mr Kundra from further breaching the Settlement Agreement’s non-disparagement provisions. This follows an interim injunction granted ex parte by Mr Justice Dexter Dias in May 2025 after Mr Kundra announced a press conference to publicise his allegations. The ex parte injunction was continued by Mr Justice Jay at a hearing in June 2025 at which Mr Kundra was represented by Leading Counsel. In July 2025, Mr Justice Jay also granted what was, in effect, a contractual worldwide freezing injunction against Mr Kundra pursuant to the terms of the Settlement Agreement.
3. Declarations that the 2019 Settlement Agreement and 2015 transfer of the Shares remain valid, binding and were not procured by fraud, and that the Shares are not held on trust for Mr Kundra or Kuki.
4. A permanent contractual and non-contractual anti-suit injunction against Mr Kundra and Kuki restraining any foreign proceedings alleging that the Settlement Agreement was procured by fraud and that the Shares are held on trust. This includes the restraint of two sets of proceedings issued by Mr Kundra and Kuki in India. This makes final an interim anti-suit injunction originally made by Mr Richard Spearman KC sitting as a Deputy High Court Judge in January 2026.
The judgment, and its findings that Mr Kundra and Kuki have no interest in the Shares, is significant in the context of the ongoing acquisition of the Rajasthan Royals by a consortium led by the Mittal family at a valuation of c.US$1.65 billion.
The judgment is also notable as the first time that contractual anti-suit injunction has been granted in England in reliance on a promise not to sue contained in a settlement agreement (the Settlement Agreement contained only a non-exclusive English jurisdiction clause). Only once before (in National Westminster Bank v Utrecht-America Finance Company [2001] 3 All ER 733) has contractual anti-suit relief been granted to enforce a contractual obligation other than an exclusive jurisdiction or arbitration clause.
Emma Horner and Nicholas Wright acted for EMV and Mr Badale, led by Andrew Hunter KC of Blackstone Chambers and Adam Speker KC of 5RB, instructed by Alastair Shaw of Level Law. Ben Hamer of 5RB was also involved in the earlier interim applications. Michael Campbell has also acted for EMV and Mr Badale on other matters concerning the Rajasthan Royals, along with Emma and Nicholas.
The judgment can be found here.
