Preity Zinta moves court against Punjab Kings co-owner to stop sale of stake

Punjab Kings co-owner Preity Zinta has moved to the Punjab and Haryana High Court, pleading for a restraining order against fellow co-owner and promoter Mohit Burman from selling a part of his holding in the IPL franchise to a third party. Who the external party is in the current situation is not known. The case is listed for a hearing on August 20.

As per a Tribune report, Zinta has filed a 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.”

Burman is the biggest shareholder in the franchise with a 48 per cent share in KPH Dream Cricket Private Limited while Zinta and Ness Wadia hold 23 per cent share each. The remainder of the shares are held by the fourth owner, Karan Paul.

Burman, also the chairman of India-based Ayurvedic and FMCG company Dabur, is reportedly looking to sell 11.5 per cent of his share to a third party, which Zinta is learned to be opposing. Burman, who is also a director and co-owner of the Caribbean Premier League franchise Saint Lucia Kings, has categorically denied the claims. "I don't have any plans to sell my shares,” he was quoted as saying by Cricbuzz.

While there is no clarity on the reason behind Zinta’s objection, it is learned that the internal arrangement between the franchise owners was that any stake for sale should be offered to the existing promoters, and only after each one of the existing promoters declined to purchase such stake could it be offered to an external party. 

There is no clarity on the current position of the case, with a comment from either of the remaining promoters awaited and Burman having unequivocally denied the claim.