Fresh controversy grips firm owning Punjab Kings team

A fresh controversy has emerged in KPH Dream Cricket Private Limited as the Chandigarh court has restrained Mohit Burman, Ness Wadia and Preity Zinta from altering the composition of board of directors till April 19. The court has passed an interim order in a petition filed by another director Karan Paul while issuing notices to the respondents to file a reply on the next date.

Karan Paul holds 6 per cent shareholding of the company. He has been director of the board of directors of the company since January 16, 2009. Burman holds 48 per cent sharegolding and Ness Wadia and Preity Zinta 23 per cent each in the company. He said that all directors are bound by the articles of association of the company. He said that there was a serious possibility that Burman, Wadia and Preity might try to take control of the company. He said under these circumstances, it was just, convenient and necessary that the respondent be restrained from appointing any person as an additional/non-executive/independent director of the company.

He further said the respondents be restrained from giving effect to any resolution that might be passed at the EGM proposed to be held on April 21, 2025, notwithstanding that the notice convening the EGM dated March 24, 2025, was ‘illegal’.

The disputes raised in the petition are connected with the KPH articles of association containing the arbitration clause as set out above. He said that the company was a private limited company incorporated under the Companies Act, 1956, on March 10, 2008, with its primary objective to promote cricket and to venture into the business of IPL franchisee by establishing and operate a cricket team.

Earlier, Priety had moved court against a move by Burman to sell, dispose of or create any third-party rights on his 11.5 per cent shareholding in the company.

Chandigarh