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Court issues notice to Preity Zinta, Ness Wadia

Last Updated: Thursday, April 22, 2010 - 00:22

Chandigarh: A court here today issued
notice to co-owners of Indian Premier League team Kings XI
Punjab, including Bollywood actress Preity Zinta and Ness
Wadia, on a suit accusing the Mohali franchise of not filing
balance sheets and annual returns.

The notice, returnable by July 24, was also issued to
other owners of the franchise Karan Paul and Mohit Barman in
connection with not maintaining the balance sheet of KPH Dream
Cricket Private Limited, which owns Kings Punjab XI IPL team.

The notice was issued by Chief Judicial Magistrate
Jasbir Singh Sidhu after the Registrar of Companies (ROC) for
Punjab, Himachal Pradesh and Chandigarh had filed a suit
against them under Sections 159 and 220 of the Companies Act
1956 as they had not filed their balance sheets, profit and
loss accounts and annual returns.

In its petition, the ROC alleged that the KPH Dream
Cricket Private Limited which was incorporated in March 2008,
should have filed the annual return within 60 days from the
day of its Annual General Meeting held on September 9, 2009
(Section 159 of Companies Act 1956) but the company had not
complied with this requirement.

"Similarly, the copies of balance-sheet and the profit
and loss account should have been filed within 30 days of the
AGM under Section 220 of Companies Act 1956, but the accused
company didn`t do so too," Gaurav Hooda, counsel for the
petitioner, said.

The Mohali franchise has been in the thick of
controversy recently, with Central Excise Department here
slapping notice on it seeking payment of service tax of Rs
5.38 crore.


First Published: Thursday, April 22, 2010 - 00:22
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