Are Punjab Kings going through a problem? A recent report by Cricbuzz has raised a speculation that all is not right among the IPL team owners. Bollywood actor Preity Zinta, industrialists Mohit Burman and Ness Wadia are the co-owners of the franchise. The report has claimed that Preity Zinta has filed an appeal in the Chandigarh High Court seeking to restrain co-owner Mohit Burman from selling a portion of his shares to another party. The report also said that Preity holds 23 per cent share of PBKS while Mohit Burman has 48 per vent. Ness Wadia has 23 per cent. The remaining shares are held by Karan Paul.
The report further said that Preity Zinta's court appeal is regarding the Burman's reported plans to sell part of his shares. Burman has denied the speculation. "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.
A report in Tribune said: "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."
The Cricbuzz report further claimed "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.
Punjab Kings are yet to win the IPL.
from NDTV Sports-Cricket https://ift.tt/4oRmfp3
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