Kirloskar family feud: 130-year-old legacy broken by brothers’ firms
Sanjay Kirloskar-led Kirloskar Brothers Ltd (KBL) on Tuesday accused four firms, led by his brothers Atul and Rahul, of trying to “grab” the 130-year legacy and mislead the public, which has been known as another The party rejected. .
Amid the family feud, KBL in a letter to capital markets regulator SEBI claimed that Kirloskar Oil Engines Limited (KOEL), Kirloskar Industries Limited (KIL), Kirloskar Pneumatic Company Limited (KPCL) and Kirloskar Ferrous Industries Limited (KFIL) Recent press releases) have sought to “seize the legacy” of KBL.
Furthermore, he tried to attribute the legacy and track record of KBL to his own, the letter said.
When contacted, a spokesperson of Kirloskar Industries Limited (KIL) said that the letter written by KBL to SEBI “contains a large number of factual errors and false statements.”
The spokesperson said, “The entire press release does not contain anything, even remotely, no reference to KBL” in an attempt to pass on the legacy and track record of Kirloskar Brothers Ltd as its own. “,” said the spokesman.
On 16 July, the 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-centric solution providers.
He had said that “Kirloskar’s ‘limitless’ mission has transformed Kirloskar Oil Engines Limited, Kirloskar Chillers Private Limited, Kirloskar Pneumatic Company Limited, Kirloskar Ferrous Industries Limited and Kirloskar Industries Limited.”
Declaring a refreshed brand identity and colours, these firms also adopted a new ‘Kirloskar’ logo which has “elements of human-centricity and readiness for the future, the colors reflecting the legacy that the 130 year old name carries.” carries, and took years to fulfill the dreams of those who touched it.”
Taking exception to this, KBL’s letter to SEBI states that this is “clearly a misrepresentation and misleading” as KOEL, KIL, KPCL and KFIL were incorporated in 2009, 1978, 1974 and 1991 respectively And neither “is nor can it claim to have a “130-year-old legacy”.
Responding to the allegations, a KIL spokesperson said, “‘130 years’ refers to the “name” “Kirloskar” and not to any institution or organisation.
KBL also opposed the claims of these firms, stating that “the group has been an integral part of India’s industrial revolution”, adding that the 130-year-old legacy is KBL, “which was a pioneer in the Industrial Revolution. India”.
However, a KIL spokesperson said, “… Since each of these companies is a part of the Kirloskar Group established by Shri Laxmanrao Kashinath Kirloskar and hence the press release that ‘the Group has been an integral part of India’s Industrial Revolution.’ Does not limit “an obvious misrepresentation and giving misleading information” as alleged or at all.
In a letter to SEBI, KBL also accused the four firms of unauthorized use of the tag “rich heritage over a period of 130 years” from their website.
KBL further stated that KIL “is not entitled to be a licensee of the trademark and copyright ‘Kirloskar’, as it is not a shareholder of Kirloskar Proprietary Limited (KPL), and which is not an authority for KPL to license its marks to any person”. The condition is.”
Refuting the allegations, a KIL spokesperson said, “We would also like to note that KIL has been granted access to the trademark and copyright Kirloskar by Kirloskar Proprietary Limited (KPL), the owner of the Kirloskar Mark, after complying with all duly licensed. Prerequisites for the grant of such license by KPL.”
Alleging “gross misrepresentation and misleading statements made by each of KOEL, KIL, KPCL and KFIL in their respective notices”, KBL urged the market regulator to “immediately initiate necessary corrective steps and actions”. Said, including passing cease and desist orders against these companies”. .
It further said that SEBI should “immediately initiate action against them, penalize them, call upon them to withdraw their information and issue corrective statements…”
The company also said that the correct statements of the four companies “should be directed to be put up on the websites of BSE and NSE, so as to correct any misconceptions created in the minds of the investor community, general public and the market.”
KBL further stated that it is “taking necessary steps separately” with the Advertising Standards Council of India in respect of advertisements issued by the four companies, which contain misrepresentation and misleading statements, and seek to usurp our company’s rich heritage of 130 years. trying. “.
Earlier this month, a dispute over a family settlement over the assets of the over 130-year-old Kirloskar Group reached the Supreme Court against Sanjay Kirloskar, CMD of Kirloskar Brothers Ltd, against whom the Supreme Court was approached. An order of the Bombay High Court that converted the dispute to arbitration.
Read also: Equitas Holdings, Equitas SFB get board, shareholders’ nod for merger
.