Preity Zinta Files Petition to Block Punjab Kings Co-Owner’s Share Sale in IPL Franchise

Bollywood actress and co-owner of the Indian Premier League (IPL) franchise Punjab Kings, Preity Zinta, has taken legal action by approaching the Chandigarh High Court 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 seeking to halt any potential sale of Burman’s 11.5% stake in the franchise. Currently, Burman holds 48% of the shares, while Zinta and Ness Wadia each own 23%, with the remaining 6% held by Karan Paul.

The Chandigarh High Court has scheduled a hearing for the case on August 20, 2024. In her petition, Zinta cited ongoing disputes and differences with Burman, prompting her to seek interim relief under Section 9 of the Arbitration and Conciliation Act, 1996.

Burman, however, has denied the allegations, asserting that he has no plans to sell his shares in Punjab Kings. As a significant shareholder and board member of the Indian Premier League, Burman emphasized his commitment to the team.

Zinta’s petition argues 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 grown into one of the most lucrative and popular sporting events globally, with an estimated valuation exceeding $10 billion as of 2022.