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Four Kirloskar Group companies on Saturday said they have filed an appeal before the Securities Appellate Tribunal (SAT) challenging Sebi's letter dated September 11, 2009 asking them to disclose the family settlement document (DFS) between members of the Kirloskar family.
In a joint statement, Kirloskar companies — Kirloskar Ferrous Industries Ltd (KFIL), Kirloskar Industries Ltd (KIL), Kirloskar Pneumatic Company Ltd, Kirloskar Oil Engines Ltd — said they have filed an appeal before SAT challenging Sebi’s letter dated December 30, 2024.
These companies said that they are not bound by DFS nor does it have any impact on them or create any restrictions or accountability on them.
The Securities and Exchange Board of India (SEBI), in a letter dated December 30, 2024, has advised them to disclose the family settlement entered into between members of the Kirloskar family in their individual capacity under the SEBI Listing Obligations and Disclosure Requirements Regulations.
A dispute over DFS has been going on since 2016 between Sanjay Kirloskar, Chairman and Managing Director of Kirloskar Brothers Limited, and Atul Kirloskar and Rahul Kirloskar over control of the assets of the nearly 130-year-old Kirloskar Group.
Rahul Kirloskar is the executive chairman of Kirloskar Pneumatic Company Limited (KPCL) while Atul Kirloskar is the executive chairman of Kirloskar Oil Engines Limited (KOEL). The companies claim that the matter of DFS being binding is pending in the civil court since 2018.
