Spat between Preity, Burman ends for now

Tribune News Service

Chandigarh, September 2

The spat between Preity Zinta, Bollywood actress and one of the directors of KPH Dream Cricket Private Limited, and Mohit Burman, co-director, has ended for now after the latter today made an additional statement before a local court that he will abide by the Article of Association (AoA) of the company in case he intends to sell his stake in future.

After the statement, the court disposed of the petition filed by Preity under Section 9 of the Arbitration and Conciliation Act 1996. In the petition, Preity prayed the court to issue injunction orders to restrain Burman from selling, disposing of and creating any third party rights upon his 11.5 per cent shareholding in the company. Preity holds 23 per cent shareholding in KPH Dream Cricket Private Limited, while Burman holds approximately 48 per cent shareholding in the company incorporated under the Companies Act, 1956. The company holds a franchise of the Indian Premier League (IPL).

Preity approached the court after Burman expressed his intention to sell part of his share to Tomales Bay Capital LP and was allegedly denying her pre-emption right as per the Articles of the company.

Preity claimed that she was ready to complete the transaction to purchase 11.5 per cent stake on mutually agreed terms and conditions, which were reasonable.

In the last hearing of the case, Burman said Tomales Bay Capital LP had backed out from the deal and he was also not selling stake at this juncture. In an additional statement made today through the lawyer before the court, Burman said he was not selling his stake at this juncture, but would send notices to other shareholders as per the AoA in case he intends to sell his stake in future.