E-Paper
KXIP issued summons for not filing returns
Chief Judicial Magistrate issued summons to the Kings XI Punjab on Wednesday for not filing their annual return and balance sheet. The court has asked the Kings XI co-owners - Priety Zinta, Ness Wadia, Mohit Burman and Karan Paul - to appear before it on July 23.
Chief Judicial Magistrate issued summons to the Kings XI Punjab on Wednesday for not filing their annual return and balance sheet. The court has asked the Kings XI co-owners - Priety Zinta, Ness Wadia, Mohit Burman and Karan Paul - to appear before it on July 23.
The summons has been issued following a complaint filed by Registrar of Companies (ROC).
In the complaint filed under Section 220 and 159 of the Companies Act, the ROC alleged that Mohali franchises hasn't filed returns and balance sheets, mandatory under the Companies Act, since its formation in March 2008.
“As per the regulations, the companies are expected to voluntarily file the returns and the balance sheets within 18 months of their inception. The Kings XI hasn't done it so far,” said Gaurav Hooda, counsel for the complainant petitioners.
Earlier this month, IT sleuths had descended on Punjab Cricket Association's premises in Mohali as part of their nation wide exercise to collect data relating to the IPL.
Kings XI Punjab, however, declined to comment on the development.
Besides, the franchise has also been slapped a penalty of Rs 50, 000 for violating Punjab Liquor License rules, 1956, during the matches held at the PCA Stadium this season.
