Preity Zinta moves court against Punjab Kings co-owner over stake sale

Bollywood actor, who owns 23% of IPL team Punjab Kings, claims Burman’s 11.5% stake sale violates their agreement.

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Bollywood actress and co-owner of the Indian Premier League (IPL) franchise Punjab Kings, Preity Zinta, has approached the Chandigarh High Court in a legal bid to prevent her co-owner, Mohit Burman, from selling a portion of his shares to a third party.

According to media reports, Zinta has filed a petition requesting the court to halt any potential sale of Burman's 11.5% stake in the franchise.

Burman currently holds 48% of the shares, while Zinta and Ness Wadia each own 23%. The remaining 6% is owned by a person named Karan Paul.

The Chandigarh High Court has scheduled a hearing for the case on August 20, 2024.

In her petition, Zinta has cited ongoing disputes and differences with Burman, leading her to seek interim relief under Section 9 of the Arbitration and Conciliation Act, 1996.

In response, Burman has denied the allegations, stating that he has no plans to sell his shares in Punjab Kings. He is a significant shareholder and a board member of the Indian Premier League.

Zinta, who owns 23% of the team, has filed a petition in the Chandigarh High Court, claiming that Burman's proposed sale of 11.5% of his 48% stake violates their internal agreement, which mandates that any shares intended for sale must first be offered to existing co-owners.

The Indian Premier League (IPL) features ten dynamic teams representing various cities across India, each with its unique identity and fan base.

Established in 2008 by the Board of Control for Cricket in India (BCCI), the league has become one of the most lucrative and popular sporting events globally.

The teams include the Chennai Super Kings, known for their consistent performance and leadership under MS Dhoni, and the Mumbai Indians, who have claimed the title five times, making them one of the most successful franchises.

Other notable teams are the Kolkata Knight Riders, Rajasthan Royals, and the recently formed Gujarat Titans and Lucknow Super Giants. Each franchise not only competes for the championship but also engages in a fierce battle for fan loyalty, sponsorship deals, and media rights, contributing significantly to the league's estimated valuation of over $10 billion as of 2022.