Preity Zinta, film actress and one of the directors of KPH Dream Cricket, which owns IPL franchise Punjab Kings, has won an undertaking from majority stakeholder Mohit Burman after moving court over Burman’s move to sell a part of his stake in the company to Tomales Bay Capital.
Burman made an additional statement before a local court Monday that he will abide by the Article of Association (AoA) of the company and send notices to other shareholders in case he intends to sell his stake in future, Tribune India reports.
Tribune India further reports that after Burman’s statement, the court disposed of the petition filed by Zinta under Section 9 of the Arbitration and Conciliation Act 1996. In the petition, Zinta prayed the court to issue injunction orders to restrain Burman from “selling, disposing of and creating any third party rights upon his 11.5 per cent shareholding in the company”.
For the record, Burman holds a 48% stake in KPH Dream Cricket, while Zinta and Ness Wadia hold 23% each, and the remaining 6% is with Karan Paul.
Zinta approached the court after Burman expressed his intention to sell part of his share to Tomales Bay Capital LP and was allegedly denying her pre-emption right as per the Articles of the company.
Preity claimed that she was ready to complete the transaction to purchase 11.5 per cent stake on mutually agreed terms and conditions, which were reasonable.
In the last hearing of the case, Burman said Tomales Bay Capital LP had backed out from the deal and he was also not selling stake at this juncture.
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