 "Preity Zinta files petition at Chandigarh High Court against fellow PBKS co-owner over sale of shares to third party: Report")
Indian Premier League (IPL) franchise Punjab Kings (PBKS) seems to have been embroiled in controversy. Preity Zinta, one of the four co-owners of the franchise, has reportedly filed an appeal at the Chandigarh High Court against Mohit Burman, another co-owner.
According to a report in Cricbuzz, Preity is seeking a restraining order against Mohit in a bid to stop him from selling a part of his shares to another party. Mohit currently holds 48 per cent of the shares while Preity owns 23 per cent. Ness Wadia also owns 23 per cent, whereas Karan Paul accounts for the remaining shares.
The report adds that Burman is looking to sell 11.5 per cent of his shares to an undisclosed party. However, Burman has denied this. “I don’t have any plans to sell my shares,” he was quoted as saying by Cricbuzz.
“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 in The Tribune said.
The Cricbuzz report goes on to say that a co-owner of the franchise cannot sell a portion of their shares to a third party without offering the shares to the other co-owners. And only if the other co-owners decline to buy the shares, would the co-owner in question (in this case Mohit Burman) be able to sell the shares to another party.
Impact Shorts
More ShortsPunjab Kings, who finished IPL 2024 in ninth place, are yet to win the marquee competition till date.
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