Stake sale in firm: Preity Zinta exchanged series of emails with Mohit Burman before moving Chandigarh court

Ramkrishan Upadhyay

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Tribune News Service

Chandigarh, August 17

Preity Zinta, Bollywood actress and one of the directors of KPH Dream Cricket Private Limited, exchanged series of emails with Mohit Burman, another director, before she approached the UT court to restrain him from selling, disposing of and creating any third-party rights upon his 11.5% shareholding in the company.

Preity has also prayed the court to restrain the company from registering the transfer of the 11.5% shareholding of Mohit Burman.

In the petition filed under Section 9 of the Arbitration and Conciliation Act 1996, Preity claims that on April 17, 2024, Burman addressed an email to the directors of the company in which he erroneously contended that he had expressed his intention to sell a portion of his shareholdings in company to a third party at the board meeting held on November 01, 2023.

Preity said he also erroneously contended that since none of the shareholders had delivered an offer to buy his 11.5% stake as per the Article of the company, he was allegedly free to sell his stake to anyone he intended to do so.

Preity further claimed that in furtherance of the intention expressed in the email dated April 17, 2024 through another email dated April 23, 2024 addressed to the advocate appointed to advise the company with copies to her and other directors, Burman stated that he would like to proceed with the transaction with Tomales Bay Capital LP and requested the advocate to work out with the firm and their advocate to move with the share purchase agreement.

Preity said in the email dated April 24, 2024 addressed to the Board of Directors, she unequivocally exercised her preemption right under Article 19 of the company.

She said final duly signed minutes of the board meeting made no mention of any notice of any intention to sell shares being given to the Board of Directors of the company. She said for the sake of good order, she exchanged correspondence with the BCCI to keep it abreast of the possible transaction in relation to the 11.5% stake.

Preity said after over one month on May 29, 2024, she was shocked to receive an email from Burman in reply to her emails dated April 25 and May 27, 2024, falsely contending that the petitioner had allegedly misunderstood so-called discussion to explore the petitioner’s intent to purchase Burman’s share as an acceptance by him.