Kirloskar Oil Engines file appeal before SAT challenging SEBI order to disclose family settlement deed | Company Business News
Kirloskar Industries Ltd has appealed to the Securities Appellate Tribunal (SAT) challenging an order from the Securities and Exchange Board of India (SEBI) asking to disclose the deed of family settlement (DFS) entered into by the members of the Kirloskar family under the SEBI Regulations.
“This is to inform you that the Company has filed an appeal before the Hon’ble Securities Appellate Tribunal challenging the SEBI letter dated December 30, 2024 wherein SEBI has advised the Company to disclose the Deed of Family Settlement dated September 11, 2009 under Regulation 30A of the SEBI LODR,” the company said in a statement.
The market regulator in an order dated December 31, 2024, had asked Kirloskar Industries to disclose the family deeds as per LODR regulations.
“The Securities and Exchange Board of India (SEBI) has vide letter dated December 30, 2024, advised Kirloskar Industries Limited to disclose the Deed of Family Settlement (DFS) dated September 11, 2009, entered into amongst the members of the Kirloskar family in their personal capacity under the SEBI LODR Regulations,” Kirloskar Industries informed in a regulatory filing.
Kirloskar Industries mentioned the issue of whether the DFS is binding on the Kirloskar companies has been pending before the civil court since 2018. The company raised concerns over intervention by SEBI as the matters are sub-judice. The company alleged that the SEBI’s decision contained factual inaccuracies and completely ignored the principles of contract law, corporate laws and company laws.
“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,” the company said.
