Court quashes Kirloskar’s case seeking temporary injunction against TDPSL
He called on the regulator to probe the matter and compel TDPS to divulge the shareholders agreement that involves him.
Published: 21st November 2023 06:43 AM | Last Updated: 21st November 2023 06:43 AM | A+A A-
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BENGALURU: A commercial court in Karnataka has dismissed the case filed by Vijay Ravindra Kirloskar, Chairman of Kirloskar Electric Company, seeking temporary injunction against the promoter and promoter group of TD Power Systems from transferring about 2.51 crore shares worth Rs 555 crore of TDPSL, which was founded by him in 1999.
Earlier in July, Karnataka High Court in its interim order restrained chairman of TDPSL, Kirloskar’s nephew and others from alienating/transferring/encumbering/dealing with and creating any third party rights in respect of 2.51 crore shares of TDPSL.
The petitioners contended that in February 2001, the shares held by Vijay Kirloskar and other petitioners were transferred to Mohib Khericha without receiving any consideration.In August this year it was reported that Vijay Kirloskar, shareholder TDPSL, moved the Securities and Exchange Board of India accusing TDPSL of deliberately and dishonestly avoiding compliance disclosures.
He called on the regulator to probe the matter and compel TDPS to divulge the shareholders agreement that involves him. TDPSL promoters including Khericha have reportedly sold 3.78 crore shares representing 24.21% of its equity in the open market sale, and these shares were then purchased by institutional investors.
Proxy firm InGovern Research Services recently raised concerns over corporate governance issues at TDPSL. It asked shareholders to vote against a resolution to reappoint Mohib Khericha as a director.
The Bengaluru-based Rs 4,000 crore company manufactures generators and motors for the power sector.
InGovern raised concerns over governance issues
In July, Karnataka High Court in its interim order restrained chairman of TDPSL, Kirloskar’s nephew and others from transferring/dealing with and creating third party rights in respect of 2.51 crore shares of TDPSL. InGovern raised concerns over corporate governance issues at TDPSL. It asked shareholders to vote against a resolution to reappoint Mohib Khericha as a director.
