Chandigarh: The Chandigarh district court on Saturday discharged the King’s XI Punjab co-owner and bollywood star Preity Zinta from a Company Act case related to filing returns and not preparing the balance sheet on time.

The case was filed by the Registrar of Companies, Chandigarh, Punjab and Himachal, Dr Raj Singh, in the CJM court.

According to reports, IPL team Kings Eleven Punjab was registered in the name of KPH Dreams Cricket Private Limited on March 10, 2008, under the Company Act. The company had held its annual meet in 2009, but failed to submit returns nor prepared any balance sheet and was unable to pay any penalty.

Under Section 159, the annual return has not been filed for past 161 days. Similarly, under Section 220, the balance sheet has also not been prepared for past 191 days which eventually was considered as the breach of Company Act.

Along with Preity Zinta, the bailable warrant was issued against Ness Wadia, Karan Paul and Mohit Barman. The defendants approached the High Court, which issued a stay order on the verdict pronounced by the District Court.

After paying fine, the defendants had filed a petition in the CJM court to discharge the case, which has been accepted.

(JPN/Bureau)