RR to suspend Kundra and forfeit his shares if found guilty

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New Delhi: Indian Premier League franchise Rajasthan Royals on Friday distanced themselves from one of their coowners Raj Kundra following Delhi Police’s claim that he had confessed to betting in the cash-rich league.
A statement issued by the Royals on Friday said that Kundra has no involvement in running of the franchise and he would be suspended and his shares forfeit if he was found guilty in the case.
The development bears a striking resemblance in the way Chennai Super Kings have termed team principal and owner Gurunath Meiyappan, under investigation for charges of alleged betting, as a “mere enthusiast” who “travelled with the team”.
“As a franchise, we have always been clear that the same rules apply to players, management or owners. As such, our actions will be consistent as in the case of the spot-fixing allegations with respect to our players,” Royals chairman Ranjit Barthakur and CEO Raghu Iyer said in a statement.
“Mr. Raj Kundra is a minority (11.7 per cent) shareholder, and he has no involvement in the running of the franchise. We believe that Mr. Kundra is a law abiding citizen and would not act contrary to law. If however, he is proven guilty, or has breached any regulations, he will be suspended, and he will also forfeit his shares,“ the statement added.
Both CSK and RR face the prospect of possible termination from the league due to the developments as such acts are in clear contravention of IPL rules, specifically clause 11.3 (C) of the franchise agreement which states that a franchise can be terminated in the event of any of the owners bringing the game into disrepute.
For RR, the future will be clear only after the emergent working committee of the BCCI here on Monday.
Kundra and his wife Shilpa Shetty jointly hold a 11.7% stake through Kuki Investment while Suresh Chellaram and family (Tresco International Limited) own 44.2% shares in the franchise. Manoj Badale (Emerging Media), with a 32.4 per cent share, and Lachlan Murdoch (Blue Water Estate Limited), at 11.7 per cent, are the two other co-owners in the Jaipur-based team.
I am innocent, says embattled Raj Embattled Raj Kundra, in a statement claimed innocence and said he would be willing to forfeit his shares in the franchise if found guilty. “I was called by Delhi Police since I am a minority shareholder of Rajasthan Royals and a few questions were put to me to which I have satisfactorily answered,“ Kundra, husband of actress Shilpa Shetty, said.
“I would like to reiterate that I am innocent and equally anxious to know as to what went wrong within the Rajasthan Royals. In case anything is established against me I shall be willing to forfeit my shares in Rajasthan Royals,” he said.
Kundra confesses to betting, say Delhi PoliceRoyals' co-owner Kundra's passport seizedNot involved in any wrongdoing: Kundra