NEW DELHI: A local court on Saturday issued arrest warrants against Indian Premier League franchise Kings XI Punjab co-owners actress Preity Zinta and industrialists Ness Wadia and Mohit Burman on a complaint by Registrar of Companies accusing them of not filing returns.
Earlier, the Board of Control for Cricket in India rejected a proposal by Kings XI Punjab to transfer 93% to a private equity firm, saying the takeover must wait until investigations against suspended IPL chairman Lalit Modi have been concluded.
The BCCI decision further delays a long-drawn-out plan by its owners to sell out, the first by a team participating in the T20 cricket tournament.
A team looking to sell stake must get permission from BCCI, say rules laid out by the IPL governing council. Team owners also have to pay BCCI a transfer fee on a pro-rata value of the franchise. “BCCI has decided to defer the matter till clarity is reached on Modi’s involvement in the Mohali team," said a senior BCCI official familiar with the matter. "How can we transfer shares unless we know who the owners are," he said. BCCI secretary N Srinivasan declined comment.
Earlier, the Board of Control for Cricket in India rejected a proposal by Kings XI Punjab to transfer 93% to a private equity firm, saying the takeover must wait until investigations against suspended IPL chairman Lalit Modi have been concluded.
The BCCI decision further delays a long-drawn-out plan by its owners to sell out, the first by a team participating in the T20 cricket tournament.
A team looking to sell stake must get permission from BCCI, say rules laid out by the IPL governing council. Team owners also have to pay BCCI a transfer fee on a pro-rata value of the franchise. “BCCI has decided to defer the matter till clarity is reached on Modi’s involvement in the Mohali team," said a senior BCCI official familiar with the matter. "How can we transfer shares unless we know who the owners are," he said. BCCI secretary N Srinivasan declined comment.
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