Preity Zinta Takes Legal Action to Block Punjab Kings Stake Sale
Jamshedpur:
Bollywood actress Preity Zinta has sought legal intervention to prevent a potential sale of shares in the IPL franchise Punjab Kings. Zinta, who co-owns the franchise with industrialists Mohit Burman and Ness Wadia, has filed a petition with the Chandigarh High Court against Burman.
The petition, filed under Section 9 of the Arbitration and Conciliation Act, 1996, seeks to prevent Burman from selling or transferring his 11.5 percent stake in the franchise to a third party. The hearing for this case is scheduled for August 20, 2024.
Current Ownership Structure
Recent reports indicate that Zinta owns 23 percent of Punjab Kings, Burman possesses 48 percent, and Wadia also has a 23 percent stake. Karan Paul holds the remaining shares.
Legal Petition Details
In her petition, Zinta claims that BurmanтАЩs intended sale of his shares violates her pre-emption rights under Article 19 of the companyтАЩs agreement. She argues that BurmanтАЩs actions demonstrate bad faith and disregard for the established shareholder agreement. Consequently, Zinta is seeking interim measures to block the registration of any transfer of BurmanтАЩs shares.
The court has issued notices to the parties involved for their responses to ZintaтАЩs petition. As of now, the Punjab Kings management has not commented on the matter.
Upcoming Projects
On the professional front, Zinta will be seen next in the film тАЬLahore 1947,тАЭ featuring Sunny Deol in the lead role. Produced by Aamir Khan Productions and directed by Rajkumar Santoshi, the film is slated for release next year. Zinta has completed filming her scenes, and the movie is currently in its final stages of production.
