Preity Zinta, film actress and one of the directors of KPH Dream Cricket Private Limited, which owns IPL franchise Punjab Kings, has reportedly moved the Chandigarh court seeking injunction orders to restrain Mohit 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.
Per Tribune India, Zinta informed the court that she holds 23% of KPH Dream Cricket’s shares and has also prayed before the court to restrain the company from registering the transfer of the 11.5 per cent shareholding of Burman. The court has issued notices to the respondents for filing their replies.
Zinta 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 Burman.
Zinta said she is constrained to file the petition for interim measures of protection before commencement of arbitral proceeding in view of the “bad faith and mala fide behaviour on the part of Burman in violation and total disregard of the petitioner’s valuable pre-emption rights expressly reserved under Article 19 of the company”.
The daily quotes Zinta as having said that Burman has unequivocally threatened to take further steps to sell his 11.5% shareholding in the company to a third party. This necessitating urgent interim measures of protection as prayed for in the present petition.
