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| Warrants against Preity, Ness|
| Updated at: 0901 PST, Sunday, July 25, 2010|
MUMBAI: Kings XI punjab Franchise owners skip court date in case filed by Registrar of Companies
A local court on Saturday issued bailable arrest warrants against IPL franchise Kings XI Punjab co-owners Preity Zinta and industrialists Ness Wadia and Mohit Burman for being absent despite being summoned.
The warrants were issued by Chief Judicial Magistrate J S Sidhu after neither the three co-owners nor their counsels appeared before court on a complaint filed by the Registrar of Companies (ROC) here. The court observed that since the summons were issued, the co-owners of Kings XI Punjab should have appeared, or at least their counsels should have been present.
KHP Dreams that owns Kings XI Punjab was targeted by ROC Raj Singh for not filing both balance sheets as well as annual returns even once after the company came into existence.
However, another co-owner and industrialist Karan Paul's counsel appeared before the court and submitted that he would appear in person on the next date of hearing. The court later adjourned the case till October 4, allowing Wadia, Zinta and Burman to apply for bail.
Prosecution lawyer Gaurav Hooda said owners have made a mockery of both company laws as well as the Right to Information Act. Not only have they concealed information from the general public, but also violated the law, he added.
The ROC in its report stated that as per law, KHP Dreams should have filed the annual returns within 60 days from the day its annual general meeting was held. The company was incorporated in 2008 and the AGM was held in September 2009. Yet the company failed to file any return.
After the ROC had filed a complaint against these co-owners, a court hearing was held and summons were issued to the concerned parties. But within four days after that, the IPL team owners submitted the balance sheets.
Hooda said that the ROC receives several RTI applications from people inquiring about the financial position of companies. Should there be one about Kings XI Punjab, the ROC has no information to provide in the absence of both annual return report as well as balance sheets of the company. Non compliance is an abuse of the RTI Act, the lawyer said.