Raj Kundra, the ex-partner of the Rajasthan Royals, has sued franchise owner Manoj Badale and EMV for shareholder oppression and financial mismanagement. The action and sale of the IPL team were initiated by him. The legal battle comes not long after a consortium, led by Lakshmi Mittal and Adar Poonawalla, purchased the largest interest in the Rajasthan Royals, in reportedly a $1.65 billion deal. This change of ownership has resulted in a new legal battle with minority shareholders. Kundra, who bought an 11.7% stake in the franchise back in 2009, has argued that he did not receive the correct valuation of his investment and the sale process kept some pertinent financial details from him. Raj Kundra Alleges Shareholder Oppression Kundra alleged in a written statement that Emerging Media Ventures "failed to manage the finances of the company properly," and that his actual interest in the company was "never divulged." Raj Kundra said : "For the past many years, I have sat in silence and watched hide at Emerging Media, and my shareholding in the Rajasthan Royals paraded before the public. My silence should not be misinterpreted as acquiescence. I allege that I have not received the market value of my shareholding". Kundra stated that he has also sent a petition in the NCLT, Mumbai, to Manoj Badale and other parties in EMV. He also mentioned that he has sent papers to the BCCI requesting an independent investigation into the incident. He added : "I have retained documentary proof to substantiate my assertions, including evidence which I contend shows that the actual amount recovered through the sale of my shareholding was not disclosed to me when I was being induced to settle my claim for a fraction thereof. That evidence will be produced before the relevant investigative and judicial authorities." Also Read | 'There Is No Question': BCCI Vice-President Responds to Rohit Sharma Retirement Buzz England Court Ruling Adds New Twist The most recent pleading was filed shortly after the High Court of England and Wales directed Kundra to return $4.94 million to Emerging Media Ventures. He was also instructed not to go ahead with any legal action in India regarding his former shareholding. Kundra has, however, persisted with his legal challenge, claiming that Badale did not operate in the best interest of minority shareholders. Kundra Concluded : "As a proxy and fiduciary in relation to my shareholding in the Rajasthan Royals, and to have protected my interests, it is my case that Manoj Badale failed in such duties and led me into a trap and ultimately betrayed my trust. The truth will stand scrutiny. The evidence will speak for itself. See you in court, Mr Badale." Kundra's relationship with the IPL has been controversial ever since 2013, when he was allegedly involved in illegal betting while the tournament was being played. He was handed a lifetime ban from all cricket activities by the Justice Lodha Committee in 2015 as a result of the investigation. The Rajasthan Royals team was also suspended from the IPL for two seasons (2016-17). The most recent case becomes the latest addition to the franchise's foray into the courts, which is set to continue as the case heads to court in the months ahead.