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It seems luck has eluded Kings XI Punjab completely. After a disastrous IPL III campaign, there are more problems in store for the Punjab IPL franchise. The Court of Chief Judicial Magistrate JS Sidhu on Wednesday issued summons to actress Preity Zinta, Ness Wadia and other co-owners of the company KPH Dreams Cricket Private Limited for July 24 for not adhering to the provisions of the Companies Act. The company which owns Kings XI Punjab also has co-owners in Karan Paul and Mohit Burman apart from Zinta nd Wadia.
The court has acted on the complaint submitted by the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh which stated that the company, KPH Dreams Cricket Private Limited, which was registered on March 10, 2008 with the Registrar of Companies, has failed to submit the balance sheet or annual returns since it came into existence.
"The company which came into existence in March 2008 has not submitted balance sheet for the financial year ending on March 31, 2009 nor provided its annual returns," the petitioner's counsel said.
The complaint has been registered under section 220 read with Section 162 of Companies Act,1956. The balance sheet needs to be prepared and submitted to the Registrar of the Companies for every financial year while providing the annual returns for the same.
It is learnt that when the balance sheet of the company was required in connection with an investigation pertaining to the IPL, the Registrar of Companies found that the company had not even submitted it along with its annual returns.
The company's balance sheet needed to be placed in the annual general meeting held in September, 2009 and it was required to be filed in the office of Registrar of Companies by October 8 last year.
However, the Registrar of the Companies has not received the balance sheet of KPH Dreams Cricket Private Limited. The Kings XI Punjab has also been served a notice by the Central Excise department for not paying service tax amounting to Rs 5.38 crore, while the team was issued a notice by Punjab Excise and Taxation department for entertainment duty for this year's IPL season.
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