New Delhi: Punjab Kings owner Preity Zinta is reportedly said to have a filed an appeal in the court, demanding for restrain against fellow co-owner of the franchise from sharing stakes to external party. The differences in the IPL franchise has come out following the suit.
According to a Cricbuzz report, Preity Zinta has lodged an appeal in the Chandigarh High Court, asking an order to restrain co-owner Mohit Burman from selling a portion of his shares to another party. However, the latter has denied the claims of the Bollywood actor to have plans to sell his shares, as Burman told Cricbuzz.
Earlier, reports suggested that Burman wanted to sell 11.5 per cent of his stake to an unnamed party.
“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,” a report from Tribune read.
The Cricbuzz report mentions that the Punjab Kings owners have an internal arrangement, wherein an owner must first offer the stakes to the rest of the existing owners. Only when the current promoters of the group have refused to buy the stakes then it can be made available for the external party for purchase. Most importantly, the offer for selling stake is always time bound rather than being open-ended.
How much shares does four owners of Punjab Kings have?
Mohit Burman, who is the Chairman of Dabur India Ltd, holds the majority of shares with 48 per cent in the KPH Dream Cricket Private Limited. Bollywood actor Preity Zinta holds 23 per cent share. Ness Wadia, who is the managing director of Bombay Burmah Trading Corporation, also holds 23 per cent. Karan Paul, who is the chairman of Apeejay Surrendra Group, holds the remaining six per cent share in Punjab Kings franchise (earlier known as Kings XI Punjab).
Punjab Kings owner Preity Zinta is reportedly said to have a filed an appeal in the court, demanding for restrain against fellow co-owner of the franchise from sharing stakes to external party. The differences in the IPL franchise has come out following the suit. Cricket Sports News: Latest Cricket News, Cricket Live Score, Sports Breaking News from Sports Today
