In 2015, Bollywood was surprised to see exes Akshay Kumar and Shilpa Shetty on the same stage. The actors, who were once in a serious relationship, had by then moved on with their respective lives. Shilpa Shetty married Raj Kundra, and Akshay Kumar married Twinkle Khanna.
Seeing the ex-partners, who parted on a bitter note, turning into business partners was quite something. Akshay Kumar, Shilpa Shetty and Raj Kundra got together for a business called Best Deal TV, which was touted to be India's first celebrity-based teleshopping channel.
Today, ten years later, that business deal is in the eye of a legal storm. On August 14, Mumbai Police registered a case against Shilpa Shetty and husband Raj Kundra for allegedly duping businessman Deepak Kothari of Rs 60.40 crore. The allegation is that the couple duped the businessman in a loan-cum-investment deal in their now defunct company, Best Deal TV Private Limited.
A lawyer representing Shetty and Kundra denied the allegations, claiming that it was a 'baseless and malicious case' aimed at maligning his clients. He also told the media that appropriate action was being initiated against the perpetrators.
However, Mumbai Police has now issued a lookout notice against the couple.
How Best Deal TV Came About
Akshay Kumar, Shilpa Shetty and Raj Kundra's Best Deal TV was to be a full-fledged teleshopping network in Hindi that would see celebrities partner with the channel and share the profits. These celebrities who came on board Best Deal TV, were supposed to co-own and create their brands on the channel.
In an interview to the Times of India in 2015, during the launch of the channel, Akshay Kumar explained why he partnered with Shilpa Shetty and Raj Kundra.
"Teleshopping business is big in the world. Raj Kundra and I came up with an idea of launching a celebrity-based teleshopping channel where celebrities will sell products. I thought we keep running behind brands running ads for them, helping their brands, so why not start our brands that we can endorse? So, different celebrities will come on the channel and sell and endorse brands that they will co-own with Best Deal TV," said Akshay.
Sonakshi Sinha was among the first celebrities to get on board to sell her range of products. In 2015, she said it was "exciting" for someone her age, "who is so young", to be able to start a business of her own.
So, What Exactly Was The Business?
Raj Kundra explained what Best Deal TV was going to be. "We will sell only products related to lifestyle, health, fashion and beauty. We will not sell durables except mobile phones, that we consider a lifestyle product. All products that we sell will be exclusive to us. We will not sell any magical products," he told the Times of India.
All their products, said Raj Kundra, were going to be manufactured in India, except the mobile phones, which they were going to import from China. Best Deal TV was not going to sell "branded products".
Akshay, Shilpa and Raj's channel was supposed to cater to "housewives and middle- and upper-class homes", since they were to sell products priced between Rs 2,000 and Rs 7,000. People could dial into a teleshopping number and book their product, which the company would have delivered to them against a cash payment.
Akshay Kumar And Shilpa Shetty, From Partners To Business Partners
Akshay Kumar and Shilpa Shetty, who were once in a very serious relationship, had not spoken to each other after they broke up. Akshay Kumar and Shilpa Shetty fell in love on the sets of Main Khiladi Tu Anari and had a much-in-the-public-eye relationship. Their break-up also happened in the public eye.
In an interview in 2000, after their break-up, Shilpa Shetty poured her heart out. She accused Akshay of "two-timing" her with Twinkle Khanna.
"I never imagined that he could two-time me, and that too all along our relationship," Shilpa said. She also said that she held no grudges against Twinkle, "No, I'm not at all upset with her. What's her fault if my man was cheating on me? There is no point blaming any other woman, it was entirely his fault."
Shilpa said, "Akshay Kumar used me and conveniently dropped me after he found someone else. The only person I was upset with, was him. But I'm sure he'll get it all back. It's not easy to forget the past so soon, but I'm glad I've had the strength to move on. Today, he's a forgotten chapter as far as I'm concerned. I will never work with him again."
That was 2000.
Fifteen years later, as Akshay and Shilpa got back together for a business partnership, all the bitterness seemed to have been left in the past.
What Akshay And Shilpa Said About Getting Back Together For Business
In the 2015 interview, Akshay and Shilpa both maintained that they had left the last behind and looked forward to a future together as business partners.
"It's the past," said Akshay, "Past has gone. We are looking at our present and future. We are both happy in our present and we are all very excited and looking forward to creating a fantastic future with Best Deal TV."
"Raj and I have common friends in Canada and Hong Kong," said Akshay, adding that it was Raj who approached him for the project. "I loved the concept," said Akshay.
While Raj called Akshay a very "savvy businessman", Shilpa gushed about him as a business partner.
"Akshay really caters to the masses and classes at the same time. I really believe that he is an actor who is known for his dedication and hard work, and he will bring those qualities of his as a partner into the business," Shilpa told the Times of India in 2015.
Today, ten years since that interview, Shilpa Shetty and Raj Kundra are in the dock as the Mumbai Police has issued a lookout notice for them in the Rs 60-crore fraud case.
What Is The Current Case?
The case goes back to the time Best Deal TV was launched. Businessman Deepak Kothari alleged that between 2015 and 2023, Shilpa Shetty and Raj Kundra had taken Rs 60 crore from him under the pretext of expanding their business. However, he claimed that Shilpa and Raj spent it on personal expenses. He also alleged that the couple had allegedly taken the money as a loan but later showed it as an investment, citing tax savings.
Kothari said that he was assured by Shilpa and Raj that the money would be returned within a certain time, with 12% annual interest. He also said that Shilpa Shetty had given him a personal guarantee in writing in April 2016. However, a few months after the guarantee, Shilpa Shetty resigned as director of the firm.
Deepak Kothari claimed that he later found out that an insolvency case of Rs 1.28 crore was also going on against the company, about which he was not informed earlier.
What Happened To Best Deal TV?
The channel, which was launched in March 2015 and operated on a cash-on-delivery model, was significantly hit by the 2016 demonetisation. It ran into financial difficulties a year after its launch, partly attributed to the demonetisation and cash crunch.
In December 2016, Best Deal TV temporarily suspended operations after a drastic drop in business.
On December 15, 2016, Raj Kundra stepped down as the CEO of the company. He sent a resignation letter to the company, writing, "I would like to officially resign as CEO of Best Deal TV. All good things come to an end I guess."
"We nearly conquered the industry, so close yet so far. The demonetisation, whilst a bold and most needed step, unfortunately came at a very bad time for our industry and we have been nothing but collateral damage," his mail read.
An Economic Times report from January 2017 says that Shetty and Kundra owned 63% stake in the company, while Akshay Kumar was given 8% for his endorsement of Best Deal TV. Deepak Kothari, managing director of UY Industries and the businessman who has filed the case against Shilpa and Raj now, invested Rs 60 crore in Best Deal TV to own about 26%. In 18 months after its launch, the company burnt as much as Rs 100 crore.
By 2017, there were insolvency proceedings underway and both Shilpa and Raj were booked for cheating and forgery related to a substantial investment loss in the venture. The matter, however, was adjudicated by the NCLT Mumbai in 2024.