War breaks out in another business family, fight between Kirloskar brothers over ‘130 years old legacy’
Directed by Sanjay Kirloskar Kirloskar Brothers Ltd. (Kirloskar Brothers Limited) on Tuesday alleged that four companies under his brothers Atul and Rahul are trying to ‘snatch’ his 130-year legacy and mislead the public. However, the other side has denied these allegations.
Amid deepening disputes in the family, KBL in a letter to market regulator Securities and Exchange Board of India (SEBI) has claimed that Kirloskar Oil Engines (KOEL), Kirloskar Industries Ltd. (KIL), Kirloskar Pneumatic Company (KPCL) and Kirloskar Ferrous Industries Ltd. (KFIL) has tried to snatch or suppress the legacy of KBL.
Apart from this, he has tried to show the legacy of KBL as his legacy, the letter said. When contacted in this regard, Kirloskar Industries Ltd. The Spokesperson said that there are several factual errors in KBL’s letter to SEBI. The spokesperson said that KBL has not been mentioned in the entire release. Far from trying to snatch the legacy of the Kirloskar Brothers.
Within 15 days of coming to power, Mamta Banerjee government had approached Vedanta Group for investment.
Earlier on July 16, five companies led by Atul and Rahul Kirloskar had announced to start afresh process for their respective businesses. New brand identities and colors were announced for these companies and a new Kirloskar logo was also adopted. At the time of this announcement, it was said that these colors represent the heritage of 130 years old name.
KBL has written a letter to SEBI objecting to this. The letter states that KOEL, KIL, KPCL and KFIL were established in 2009, 1978, 1974 and 1991 respectively and do not have a 130-year-old legacy.
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