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Preity Zinta, co-owner of the Indian Premier League (IPL) franchise Punjab Kings, has taken legal action against fellow co-owner Mohit Burman amid reports of a rift between the two. Zinta has filed an appeal in the Chandigarh High Court seeking to restrain Burman from selling his shares in the team to a third party without first offering them to her and other co-owners.
Background of the dispute between Punjab Kings’ co-owners
The Punjab Kings franchise is co-owned by Zinta, Burman and Ness Wadia, with Zinta and Wadia each holding 23% of the shares, while Burman holds a significant 48%. The legal action comes after Zinta expressed concerns over Burman’s potential plans to sell his stake without consulting the other co-owners, which she argues violates their agreement.
According to reports, Zinta’s petition was filed under Section 9 of the Arbitration and Conciliation Act-1996, which allows for interim measures in disputes. She contends that the arrangement among the co-owners stipulates that shares cannot be sold to a third party unless the other owners decline to purchase them first.
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Response to Preity Zinta’s allegations
In response to the allegations, Burman has denied any intentions to sell his shares. “I don’t have any plans to sell my shares,” he told Cricbuzz. However, Zinta alleged in her legal filing that Burman intends to sell an 11.5% of his stake to a US-based firm named Tomales Bay Capital L.P.
Well, this legal battle comes at a critical time for the Punjab Kings, who are gearing up for the upcoming mega auction of the IPL. The internal conflict among the co-owners could potentially impact the team’s management and overall performance in the forthcoming tournament.
