NEW: 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 Sept 11, 2009.
In separate regulatory filings,
Kirloskar Ferrous Industries
(KFIL), Kirloskar Industries (KIL),
Kirloskar Pneumatic Company
and Kirloskar Oil Engines 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 Dec 30, 2024 advised the companies to disclose the DFS, entered into among 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 CMD) on one side and Atul and Rahul on the other, have been in a feud since 2016 over the DFS for the assets of the more than 130-year-old Kirloskar group. Rahul Kirloskar is the executive chairman of Kirloskar Pneumatic and Atul Kirloskar is the executive chairman of Kirloskar Oil Engines.
The question of whether the DFS is binding on them, is pending before the civil court since 2018, the Kirloskar companies claimed adding “despite this Sebi
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