Billionaire Lakshmi Mittal’s plan to acquire the Rajasthan Royals cricket franchise has sparked a London lawsuit, with the minority shareholders in the company that owns the team alleging they are being forced to give up their shares worth about $50 million for just £1 ($1.33).
Emerging Media Ventures Ltd., which indirectly owns a majority stake in the Indian Premier League franchise Rajasthan Royals, was sued by two minority shareholders who alleged the company wrongly accused them of “serious misconduct,” denying them their cut from the proceeds of the $1.65 billion sale of the franchise.
