IPL franchise Punjab Kings’ co-owner Preity Zinta has filed an appeal in the Chandigarh High Court against Mohit Burman, one of the co-owners of the franchise and who holds the largest share. Zinta is seeking to restrain Burman from selling a portion of his shares to another party.
For the uninitiated, the Punjab Kings franchise, which was previously known as Kings XI Punjab, is owned by four people through KPH Dream Cricket Private Limited. Mohit Burman, of the Dabur company, holds 48 percent of the shares; Preity Zinta and Ness Wadia each hold 23 percent; and the remaining six percent of the shares are owned by Karan Paul.
It is reported that Burman is in talks about selling 11.5 percent of his stake to an unnamed party, although he has denied it. Burman told Cricbuzz, “I don’t have any plans to sell my shares.”
Conflict Arises Between PBKS Co-Owners Preity Zinta and Mohit Burman
Upon learning this, Zinta filed an appeal in the Chandigarh High Court to prevent Burman from selling a part of his shares. Zinta’s motive is not yet known.
A report in the Tribune said: “Preity Zinta said Burman holds approximately 48 per cent of the shareholding and is also on the board of directors. She has filed the petition under Section 9 of the Arbitration and Conciliation Act-1996 seeking interim measures and direction in view of the disputes and differences between her and respondent Mohit Burman.”
Cricbuzz has learned that, according to the previous deal made between the owners, any stake intended for sale must first be offered to the existing co-owners. The stake can only be sold to an outside party once the current co-owners decline to purchase it.
The case will be heard at the Chandigarh High Court on August 20.
Speaking about the Punjab Kings’ performance on the field, they have been underwhelming for the past decade. In 17 IPL seasons, they have made the final only once (2014) and the semi-final once (2008). Punjab have failed to reach the IPL playoffs for the last 10 years. They finished ninth this year.
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