Indian Premier League franchise Punjab Kings have come under the spotlight as a rift has been reported between the co-owners. The team is owned by Bollywood actor Preity Zinta, and Industrialists Mohit Burman, Ness Wadia. A report that has emerged claimed that Preity Zinta has filed an appeal in the Chandigarh High Court in order to restrain Mohit Burman from selling his portion of shares to another party.
According to the report by Cricbuzz, Preity Zinta has 23 percent share, Ness Wadia also has 23 percent share and Mohit Burman has 48 percent. The other remaining shares are held by Karan Paul.
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Mohit Burman has denied the speculations saying,
“I don’t have any plans to sell my shares,” Burman told Cricbuzz. Officially, the Punjab Kings have not spoken or released a statement on the issue anything on the issue.
The further reports mentioned,
“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.” according to a report in Tribune
“it is understood” that according to their arrangement a particular co-owner can’t sell a share their share to a third party without first offering it to fellow old co-owners. The shares can only be sold once the other co-owners decline to purchase the shares. ” claimed Cricbuzz
