New Delhi: Meriah Kirloskar Family Disputes over the Family Completion Deed (DFS) relating to the 133-year-old corporate group assets have reached the Supreme Court with Sanjay Kirlockar challenging HC Bombay’s decision resolution through arbitration, which is sought by all other members of the family business group Richest in the country.
Sanjay Kirloskar, CMD from Kirloskar Brothers Ltd.
(KBL) is famous for the manufacturing pump which is a household name, asks SC to cancel the order of Bombay HC and ask the parties – the brothers and sisters (CMD Oil Engine Kirloskar Ltd) and Rahul (cmd) KIRLOSKAR PNEUMATIC Company Ltd) and all other family members – to submit to a civil court in Pune, where he has filed a lawsuit for the implementation of DFS, which was included on September 11, 2009 among them.
Sanjay Petition, submitted through advocate u A Rana of Gagrat and Lawyer Co., registered to hear on Thursday before the chairman of Justice and Ramana and Hrishikesh Roy.
Atul Kirloskar has submitted a warning through Advocates Liz Mathew to prevent Sanjay from getting ex-parte orders from SC.
Sanjay claimed that the dispute appeared a year after the signing of DFS as another brother and their partner sold their shares in Kirloskar Industries Ltd.
Breaking the completion.
In 2017, Atul and Rahul, who managed Kirloskar Oil Engines Ltd., violated non-competing clauses and acquired La Gajjar machines and began producing and advertising for submersible pumps, bread and KBL butter.
He said he had persuaded Vijay Kelkar to mediate between family members who were confronted for completion but failed.
He said in 2017, Kirloskar Proprietary Ltd was established, with the same partnership of all members of all Kirloskar family branches, to hold and protect all Kirloskar group trademarks.
He said Atul, Rahul in the league with Gautam Kulkarni and their family members overthrew Sanjay Kirloskar from the KPL by not supporting / selecting their re-appointment.
Frustration, Sanjay filed a civil lawsuit in June 2018 for the implementation of DFS 2009 in letters and spirits, detained other group companies from competing in the business of making pumps and requested damage to the RS 750 Crore tone from Atul and Rahul for violations of non-competing clauses of DFS clause by acquiring machines La Gajjar and submersible pump advertising, one of the mainstays of KBL owned by Sanjay.
After the Persidi court agreed to continue with Sanjay Kirloskar, many members of the Kirloskar extended family have bets in family-owned family, moving Bombay HC led by Atul and Rahul to claim that many defendants in suits, such as Kirloskar Oil Machinery Ltd, La Gajjar and Kirloskar proprietary Ltd., no party to DFS and therefore the lawsuit cannot be maintained.
They are looking for arbitration routes for solving differences.
Bombay HC on June 21 agrees with Sanjay’s brothers and other family members and lowering disputes for arbitration.
Sanjay, wife and two children moved SC challenging this HC command.