Preity Zinta sues Punjab Kings co-owner to halt stake sale

Bollywood star Preity Zinta, along with businessmen Mohit Burman and Ness Wadia, are co-owners of the IPL team Punjab Kings. Recent updates mention that Zinta has filed a plea in the Chandigarh High Court to halt Burman from selling a part of his shares to another entity. The information discloses that Zinta possesses 23% of PBKS, Burman has 48%, Wadia holds 23%, and Karan Paul owns the remaining shares. The court is scheduled to hear the case on August 20, 2024.

As per a report from The Tribune, Zinta has gone to the Chandigarh court to ask for a restraining order to prevent Mohit Burman from selling, getting rid of, or handing over any rights to his 11.5 percent ownership in the company. She mentioned her ownership of 23 percent of the firm's shares and urged the court to prevent the company from recording any transfer of Burman's 11.5 percent stake. The court has sent notices to the concerned parties for their responses.

Zinta pointed out that Burman possesses around 48 percent of the company's shares and serves as a board member. She lodged the petition under Section 9 of the Arbitration and Conciliation Act, 1996, seeking provisional measures and guidance because of the ongoing disagreements with Burman.

KPH Dream Cricket Private Limited, established under the Companies Act, 1956, owns an Indian Premier League (IPL) franchise.

Zinta clarified that she found it necessary to submit the petition for temporary safeguarding before arbitration proceedings due to Burman's lack of good faith and disregard for her pre-emption rights as outlined in Article 19 of the company's agreement. She accused Burman of threatening to sell his 11.5 percent ownership to a third party, leading to the urgent need for interim protection as outlined in the petition. As of now, Punjab Kings have not made any official statements regarding the matter.

In her upcoming project, the Veer Zaara star will be seen in Lahore 1947 alongside Sunny Deol. Produced by Aamir Khan Productions and helmed by Rajkumar Santoshi, the film is set for release next year. Currently, the movie is in its final production phases, with the actress having wrapped up filming her scenes.