Family feud: Kirloskar Brothers Ltd refutes charges of mis-utilising funds

Kirloskar Brothers Limited (KBL) on Sunday refuted allegations that it had spent Rs 274 crore towards payment of professional legal expenses and consultancy charges in the personal dispute of its Chairman and Managing Director Sanjay Kirloskar against his brothers Rahul and Atul. Kirloskar Pneumatic Co Ltd Executive Chairman Rahul Kirloskar and Kirloskar Oil Engines Ltd Executive Chairman Atul Kirloskar had on Saturday accused KBL of "mis-utilising shareholder resources of a publicly listed company and misusing regulatory machinery" after being cleared of insider trading charges by the Securities Appellate Tribunal (SAT). Rahul and Atul had stated that being a listed entity, KBL should justify the rationale and basis on which the company "has been spending huge amounts aggregating to approximately Rs 274 crore towards payment of professional and legal expenses" ever since their dispute arose in 2016. The brothers have been in a feud over the deed of family settlement for the assets

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