In a significant development, Bollywood actress and co-owner of Indian Premier League (IPL) franchise Punjab Kings, Preity Zinta, has approached the Chandigarh High Court to prevent the co-owner of the team and businessman Mohit Burman from selling a portion of his shares to a third party. According to reports, Zinta has petitioned the court to stop Burman from disposing off his 11.5% stake in the company, citing a breach of her pre-emption rights under the company’s agreement. The court has issued notices to the respondents, including Burman, and has listed the case for hearing on August 20, 2024.
Preity Zinta seeks court intervention to block share sale of her IPL team Punjab Kings
According to the news report in Tribune, it was stated that, “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.”
Zinta, who owns 23% of the franchise, has alleged that Burman has threatened to sell his stake to a third party, prompting her to seek urgent interim protection. The development comes amid reports of a rift between Zinta and Burman, with the actress claiming that Burman has acted in bad faith and disregarded her rights as a co-owner. The Punjab Kings management has not officially commented on the issue. Meanwhile, Burman addressed the matter to Cricbuzz, confirming in their reports, “I don’t have any plans to sell my shares.”
While the case highlights the internal power struggles within the franchise, the court’s decision is eagerly awaited, as it may have significant implications for the ownership structure and management of the Punjab Kings. For the unversed, apart from her and Mohit Burman, the actress’ former fiancé Ness Wadia too is the co-owner of the IPL team.
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