The governing council of the cash-rich Twenty20 event, owned by the Board of Control for Cricket in India (BCCI), also issued notices to the new Kochi franchise to resolve their ownership disputes.
"The governing council of the IPL met today to discuss and decide on the breaches committed by three of the franchisees, Punjab, Rajasthan and Kochi," the BCCI said in a statement.
"It was unanimously decided that franchise agreements with Punjab and Rajasthan be terminated forthwith based on legal opinions obtained by the BCCI in the matters.
"It was further unanimously decided to issue a notice to Kochi calling upon them to resolve all their disputes and form a joint venture company which will hold the IPL Franchise rights.
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The BCCI did not specify the alleged breaches committed by the franchise owners.
Kings XI Punjab was bought for 76 million dollars in 2008 by a consortium of businessmen including Ness Wadia, Mohit Burman, Karan Paul, Aditya Khanna and Bollywood actress Preity Zi