NEWS
Follow UsNot everything seems to be right with the Punjab Kings (PBKS) camp, as co-owner Preity Zinta has sought a restraining order against another co-owner, Mohit Burman, to prevent him from selling his shares to another party, which he denies.
Zinta, who owns 23% of the shares in PBKS under KPH Dream Cricket Private Limited, has filed an appeal at the state High Court in Chandigarh against Burman, who is associated with Dabur. Incidentally, Burman holds the largest share in the franchise with 48% in KPH Dream Cricket Private Limited. It is reported that Burman intends to sell 11.5% of his shares.
Ness Wadia owns 23% of the shares, while Karan Paul holds the remaining shares.
"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.
While it is unclear what Zinta's motive is behind going to the court, it is understood that according to the internal agreement, if a stakeholder wants to sell his shares, the first offer must be made to the existing group of promoters. At the same time, the seller can wait only up to a certain period for his partners to grab the opportunity before selling it elsewhere.
PBKS are also on the look out for a new head coach to replace Trevor Bayliss. It is understood that they are seeking an Indian coach to fill in. Punjab are among the first eight teams in the Indian Premier League (IPL) since its inception in 2008. They made it to the final in IPL 2014, which is their best finish in 17 seasons.
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