Kings XI win Bombay High Court injunction
The Kings XI Punjab have been handed an injunction by the Bombay High Court which allows them to stop the BCCI from going ahead and scrapping the Mohali based franchise.
Although they failed to obtain a stay order; which was achieved by the Rajasthan Royals last week the Kings XI will be able to enter a arbitration process with the BCCI.
The decision to remove the franchise from next year’s tournament was unanimously agreed after the Governing Council examined the ownership structures in October.
The rules governing the eight original franchises; singed in 2008 by each team owner allowed the BCCI to terminate a franchise with immediate effect if there has been any of violations of the procedures that govern the ownership and control of a franchise.
According to the show causes issued by the BCCI; the Kings XI restructured their ownership structure twice in 2008 which saw ownership of the franchise transferred to Dabur Investment Corporation Limited and Windy Investments Limited.
Two months later in June the share holdings of Dabur and Windy dropped to 23%, with Preity Zinta, Ness Wadia, Karan Paul, Colway Investments Limited and Root Invest Private Limited taking control of the other 77% of the Kings XI.