Arrest warrants against Preity Zinta and Ness Wadia

The co-owners of Indian Premier League franchise Kings XI Punjab Preity Zinta, Ness Wadia and Mohit Burman were plundered in great dilemma when the Registrar of Companies accused them of not filing returns. Reportedly, a local court has issued arrest warrants against the duo on Saturday.

Earlier the Kings XI Punjab attempt to coax BCCI (Board of Control For Cricket in India) to transfer 93%of its share to a London based private equity firm ISIS went into vague as BCCI asserted it to be frivolous until investigations against suspended IPL chairman Lalit Modi have been concluded.

It was also reported that Preity Zinta wanted to retain the remaining 7 per cent of the team’s stake as she wants to continue as KXIP’s brand ambassador.

Kings XI Punjab is the first team participating in IPL whose franchise is on the stake of sale. The pending BCCI decision on Lalit Modi is delaying a long-drawn-out plan by its owner to sell out.

However, according to the norms laid out by the IPL governing council, team before being sold must ratify permission from BCCI. A transfer fee on the present worth value of franchise of the team have to be paid by the owners to BCCI.

A senior BCCI official said that, “Until Modi’s involvement in the Mohali team is clarified, nothing can be done. He further put a very prudent question mockingly that’ How can we transfer shares unless we know who the owners are”.

An unreliable source said that kings XI Punjab net present worth is around $250 million which was bought by the current owner in $76 million in 2008.

Get Updates by eMail: Submit eMail Here