Court junks Punjab Kings co-owner's plea against Preity Zinta, 2 other directors
A local court has dismissed petition of Karan Paul filed against three directors of KPH Dream Cricket Pvt Ltd -- Mohit Burman Ness Wadia and Preity Zinta.
In his petition, Paul prayed before the court to restrain them from appointing any person as an additional, non-executive or independent director of the company. He also prayed to restrain them from giving effect to any resolution that might be passed at an extraordinary general meeting (EGM) proposed to be held on April 21, 2025, alleging that the notice convening the EGM was invalid and illegal.
Karan Paul holds 6 per cent stake in the company. He is one of the Board of Directors of the company since January 16, 2009. He said there was a grave and imminent threat as Burman, Wadia and Zinta were trying to take control over the company. The court earlier restrained the three directors from altering the composition of the Board of Directors till April 19, 2025.
Anand Chibbar, a senior advocate, appearing on behalf of Wadia, prayed for the dismissal of the petition arguing that it was misconceived, untenable and arising out of figments of imagination. He said holding an EGM was the statutory right under Section 100 of the Companies Act and same could not be stayed by any court or a tribunal .
Burman holds 48 per cent, Wadia 23 per cent and Zinta 23 per cent stake in the company. After hearing the arguments, the court dismissed the petition filed by Paul.
Since 2008, the company holds a franchise of the IPL and owns Punjab Kings. Earlier Priety Zinta, moved a city court against the move of Burman for selling, disposing of or creating any third-party rights upon his 11.5 per cent shareholding in the company.
