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Kirloskar Rift Widens: Family Feud Intensifies As Brothers Approach NCLT For Removal Of Managing Director
Kirloskar Group. (Photo Credits: Wikipedia/Kirloskar)
Rahul Kirloskar and Atul Kirloskar have approached the Mumbai bench of the National Company Law Tribunal (NCLT) asking for the removal of Sanjay Kirloskar who is currently the Chairman and Managing Director (CMD) of Kirloskar Brothers Ltd, Mint has reported .
Charges of oppression and mismanagement have been alleged against him by the two brothers. With this, the rift in the Kirloskar family, which controls the engineering conglomerate, Kirloskar Group, has widened.
The duo has also requested for the removal of the current board members and appointment of new ones as nominated by them. The family feud reached a tipping point when the board repeatedly rejected the pre-clearance requests of Atul Kirloskar and Rahul Kirloskar to buy or sell shares of the company while the CMD, Sanjay Kirloskar was allowed to increase his shareholding.
The Mumbai bench is expected to start hearing the case on 17 December. This is not the first time that the members of the Kirloskar family have been at odds with each other. At the turn of the millennium and following the death of the group patriarch, S L Kirloskar's death, the group was divided along family lines.
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