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Kirloskar Ferrous
Four Kirloskar companies on Saturday said they have filed an appeal before the Securities Appellate Tribunal challenging the SEBI letter asking them to disclose the deed of family settlement that was signed by members of the Kirloskar family on September 11, 2009. In a joint statement, the Kirloskar companies -- Kirloskar Ferrous Industries Ltd (KFIL), Kirloskar Industries Ltd (KIL), Kirloskar Pneumatic Company Ltd, Kirloskar Oil Engines Ltd -- said they have filed the appeal before SAT challenging the SEBI letter dated December 30, 2024 wherein the market regulator advised them to disclose the Deed of Family Settlement (DDS). On December 31, these companies stated that they were preparing to legally challenge the letter by SEBI. The markets watchdog in its letter stated that "since the DFS is subsisting in nature, indirectly creates a restriction on the listed entities managed/promoted by the parties to such DFS, warrants disclosure, regardless of whether such listed entity is a ..
Four Kirloskar companies on Tuesday said they are preparing to legally challenge a letter by markets regulator SEBI asking them to disclose the deed of family settlement that was signed by members of the Kirloskar family on September 11, 2009. In separate regulatory filings, Kirloskar Ferrous Industries Ltd (KFIL), Kirloskar Industries Ltd (KIL), Kirloskar Pneumatic Company Ltd and Kirloskar Oil Engines Ltd maintained they are not bound by deed of family settlement (DFS) nor does it have any impact or create any restriction or liability on them. SEBI in a letter dated December 30, 2024 advised the companies to disclose the DFS, entered into amongst the members of the Kirloskar family in their personal capacity, under the SEBI listing obligations and disclosure requirements regulations, they said. Kirloskar siblings, with Sanjay (Kirloskar Brothers Ltd Chairman and Managing Director) on one side and Atul and Rahul on the other, have been in a feud since 2016 over the DFS for the asse