Kirloskar firms challenge SEBI letter asking disclosure of family settlement deed at SAT

4 Kirloskar firms on Saturday mentioned they’ve filed an enchantment earlier than the Securities Appellate Tribunal difficult the SEBI letter asking them to reveal the deed of household settlement that was signed by members of the Kirloskar household on September 11, 2009. In a joint assertion, the Kirloskar firms — Kirloskar Ferrous Industries Ltd (KFIL), Kirloskar Industries Ltd (KIL), Kirloskar Pneumatic Company Ltd, Kirloskar Oil Engines Ltd — mentioned they’ve filed the enchantment earlier than SAT difficult the SEBI letter dated December 30, 2024 whereby the market regulator suggested them to reveal the Deed of Household Settlement (DDS).

On December 31, these firms acknowledged that they had been making ready to legally problem the letter by SEBI.

The markets watchdog in its letter acknowledged that “because the DFS is subsisting in nature, not directly creates a restriction on the listed entities managed/promoted by the events to such DFS, warrants disclosure, no matter whether or not such listed entity is a celebration to the settlement or not” underneath related provisions and suggested the corporate to reveal DFS by way of LODR Rules.

Kirloskar siblings, with Sanjay (Kirloskar Brothers Ltd Chairman and Managing Director) on one facet and Atul and Rahul on the opposite, have been in a feud since 2016 over the DFS for the property of the greater than 130-year-old Kirloskar group.

Rahul Kirloskar is the manager chairman of Kirloskar Pneumatic Co Ltd and Atul Kirloskar is the Govt Chairman of Kirloskar Oil Engines Ltd (KOEL). Sanjay Kirloskar had filed a grievance for non-disclosure of the DFS.

KOEL on September 11, 2023 responded to the NSE that it was “nothing however another of his repeated makes an attempt to try to by some means trigger KOEL to be certain by the DFS for his personal ulterior motives and in furtherance of his private vendetta with the opposite members of the family, which is now public report”.