4 Kirloskar Companies Challenge SEBI Letter Seeking Disclosure of 2009 Family Settlement Deed
Moneylife Digital Team 06 January 2025
Four companies from the Kirloskars have filed an appeal before the securities appellate tribunal (SAT) challenging a letter issued by the market regulator Securities and Exchange Board of India (SEBI). In a letter, the market regulator has asked these companies to disclose the family settlement deed signed by members of the Kirloskar family in their personal capacity on 11 September 2009. 
 
The companies that challenged the SEBI letter are: Kirloskar Ferrous Industries Ltd (KFIL), Kirloskar Industries Ltd (KIL), Kirloskar Pneumatic Company Ltd (KPCL) and Kirloskar Oil Engines Ltd (KOEL).  
 
In a joint statement, these four companies stated that they had filed the appeal before SAT, challenging the SEBI letter dated 30 December 2024, in which the market regulator advised them to disclose the family settlement deed.
 
On 31st December, these companies stated that they were preparing to legally challenge the letter by SEBI. "The question of whether the DFS is binding on the Kirloskar companies is pending before the civil court since 2018, and despite this SEBI has opined on matters that are sub-judice. Further, SEBI’s decision not only contains factual inaccuracies but is in complete ignorance of inter alia settled principles of contract law, corporate laws and company law."
 
In a release, KIL says, "The company maintains that the company is not bound by the said DFS nor does the DFS have any impact on the company or create any restriction or liability on the company. In view of the same, the company is currently seeking appropriate legal counsel to challenge the SEBI’s decision by filing appropriate legal proceedings. We firmly believe in the principles of justice and fairness, and we have full faith that the judiciary will do justice in the matter."
 
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Comments
david.rasquinha
1 month ago
"When in doubt, disclose". Simple.
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