Preity Zinta, one of the co-owners of the Indian Premier League franchise Punjab Kings, has reportedly filed a legal complaint against another co-owner Mohit Burman from selling a portion of his shares in the team. (More Cricket News)
A report pubished in Cricbuzz on Friday stated that the Bollywood actress has knocked the doors of the Chandigarh High Court to prevent Burman from selling shares in the franchise.
Punjab Kings is owned by four owners through KPH Dream Cricket Private Limited. In the franchise, Burman has the highest share of 48% while Zinta and Ness Wadia have 23% shares each. Karan Paul holds the remaining shares.
Cricbuzz reports that while the details of Zinta's appeal are still unknown, the internal agreement among the owners was that if someone intends to sell stakes, they must be first offered to the co-owners. Only when the co-owners decline, the seller can look elsewhere.
A report in 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."
Even as reports have suggested that Burman is looking to sell 11.5% of his stakes to an unnamed party, the Punjab Kings co-owner denied it. Burman, who is associated with the Dabur company, told Cricbuzz on Friday, "I don't have any plans to sell my shares."
The matter has been listed for hearing on August 20.
Punjab Kings, previously called Kings XI Punjab, are among the eight original franchises which have played since the inaugural IPL season in 2008. Their performance has been largely underwhelming and the team has not made into the Play-offs since 2014 when they reached the final, their best finish in the IPL.
