Co-owner of the Punjab Kings Preity Zinta has petitioned the Punjab and Haryana High Court for a restraining order to prevent promoter and fellow co-owner Mohit Burman from selling a portion of his stake in the team to a third party. It is unknown who the external party is in this scenario. On August 20, there will be a hearing in this matter.
According to a Tribune article, Zinta has petitioned for “interim measures and direction in view of the disputes and differences between her and respondent Mohit Burman” under Section 9 of the Arbitration and Conciliation Act-1996.
With a 48% stake in KPH Dream Cricket Private Limited, Burman is the franchise’s largest shareholder, followed by Zinta and Ness Wadia, each with a 23% share. Karan Paul, the fourth owner, owns the remaining shares.
Preity Zinta is reportedly against Burman’s plan to sell 11.5 percent of his share to a third party.
Burman is also the chairman of the Indian FMCG and Ayurvedic giant Dabur. Burman has flatly refuted the allegations. He is also a director and co-owner of the Saint Lucia Kings, a team in the Caribbean Premier League. “I don’t intend to sell my stock,” reported him as stating.
Zinta’s objection remains unclear, but it has been revealed that the franchise owners had an internal agreement that any stake up for sale would first be made available to the current promoters. If they were all unwilling to buy the stake, it would then be made available to other potential buyers.
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With Burman categorically rejecting the claim and no word from the two remaining promoters, it is unclear where the case stands right now.
India
