{"id":109323,"date":"2024-08-07T00:54:01","date_gmt":"2024-08-07T00:54:01","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/07\/family-feud-kirloskar-brothers-ltd-withdraws-2022-supreme-court-appeal-against-kirloskar-oil-engines-ltd\/"},"modified":"2024-08-07T00:54:02","modified_gmt":"2024-08-07T00:54:02","slug":"family-feud-kirloskar-brothers-ltd-withdraws-2022-supreme-court-appeal-against-kirloskar-oil-engines-ltd","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/07\/family-feud-kirloskar-brothers-ltd-withdraws-2022-supreme-court-appeal-against-kirloskar-oil-engines-ltd\/","title":{"rendered":"Family feud: Kirloskar Brothers Ltd withdraws 2022 Supreme Court appeal against Kirloskar Oil Engines Ltd"},"content":{"rendered":"
\"Family<\/div>\n
In a new development in the family dispute, Sanjay Kirloskar-led Kirloskar Brothers Ltd<\/a> (KBL) on Tuesday withdrew its 2022 appeal from the Supreme Court that had sought a direction to Kirloskar Oil Engines Ltd<\/a> (KOEL) to disclose the 2009 deed of family settlement<\/a> (DFS) deed as per the 2015 amended listing regulations<\/a>.<\/p>\n

While allowing KBL to fresh complaint before the SEBI<\/a> regarding non-disclosure of the family settlement, a bench of justices Abhay S. Oka and George Masish clarified that \u201call contentions of parties are kept open and complaints to be decided as per law.\u201d<\/p>\n

Sebi, though, had earlier informed KBL that the amended regulations could be applied only prospectively. KOEL is controlled by younger brothers Atul, Rahul Kirloskar and others.<\/p>\n

However, in April, SEBI informed the SC that both KOEL and KBL will have to disclose their 2009 DFS as both the companies were “listed entities and dealing with public, much less investors of all sizes; whether small or big, it is paramount for them to make disclosure<\/a> of DFS\u201d under the amended Sebi (Listing Obligations and Disclosure Requirements) Regulations which came into effect on July 15, 2023.<\/p>\n

During the hearing on Tuesday, the bench questioned senior counsel AM Singhvi, who represented KBL, on how the disclosure requirement, which came into force in 2015, could have been applied to the 2009 settlement. \u201cYou (KBL) will now say that something happened 20 years back, it has to be published… effect will be disastrous,” the bench observed.<\/p>\n

KBL had moved SEBI seeking a direction to intervene and investigate on the grounds that the listed entities were required to make disclosures about DFS, which were deemed to be material events. However, the market regulator had rejected the complaint, saying that the family settlement came into existence in 2009 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations came into existence in 2015 and were prospective, so there was no need for disclosure. Besides, KOEL was not a party to the DFS which was a private agreement entered into between the Kirloskar family members in their individual capacities. The Securities Appellate Tribunal had upheld the SEBI\u2019s decision.
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a new development in the family dispute, Sanjay Kirloskar-led Kirloskar Brothers Ltd (KBL) on Tuesday withdrew its 2022 appeal from the Supreme Court that had sought a direction to Kirloskar Oil Engines Ltd (KOEL) to disclose the 2009 deed of family settlement (DFS) deed as per the 2015 amended listing regulations. While allowing KBL […]<\/p>\n","protected":false},"author":2,"featured_media":109324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-112324521,imgsize-43246.cms","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[4269,17024,1625,11895,4033,17,90261,22792,56162,56169,90263,90258,90260,1134,56168,9136,90262,1624,90259,6876],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/109323"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=109323"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/109323\/revisions"}],"predecessor-version":[{"id":109325,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/109323\/revisions\/109325"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/109324"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=109323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=109323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=109323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}