New Delhi (TIP): Kirloskar Brothers Ltd (KBL), led by Sanjay Kirloskar, accused four firms under his brothers Atul and Rahul of trying to “usurp” its legacy of 130 years and trying to mislead the public, which has been refuted by the other side.
As the family feud simmers, KBL in a letter to capital markets regulator Sebi claimed that recent press releases by Kirloskar Oil Engines Ltd (KOEL), Kirloskar Industries Ltd (KIL), Kirloskar Pneumatic Company Ltd (KPCL) and Kirloskar Ferrous Industries Ltd (KFIL) “have sought to usurp the legacy” of KBL.
Also, they attempted to pass off the legacy and track record of KBL as that of their own, the letter said.
When contacted, a spokesperson of Kirloskar Industries Ltd (KIL) said the letter by KBL to Sebi “contains a large number of factual inaccuracies and mis-statements”.
“Nothing contained in the entire Press Release even remotely makes any reference to KBL let alone “attempting to pass off the legacy and track record of Kirloskar Brothers Limited as that of their own”,” the spokesperson added.
On July 16, five firms led by brothers Atul and Rahul Kirloskar had announced a ‘refresh’ exercise of their respective businesses, with an eye on evolving from engineering-led firms into customer-focussed solution providers. Source: PTI