Vijay Ravindra Kirloskar, chairman of Bengaluru-based Kirloskar Electric Company (KEC) Ltd., has moved the High Court of Karnataka seeking a direction to several persons, including one of his nephews and a family friend, from alienating or transferring around 2.51 crore shares worth ₹555 crore of TD Power System Ltd. (TDPSL), which was founded by him in 1999.
The High Court, in its interim order, has restrained Mohib Nomanbhai Khericha, Mr. Kirloskar’s family friend and chairman of TDPSL, Nikhil Kumar, Mr. Kirloskar’s nephew, and others from alienating/transferring/encumbering/dealing with and creating any third party rights in respect of 2,51,32,165 shares of TDPSL.
Justice S.R. Krishna Kumar passed the interim order on July 12 on the petitions filed by Mr. Kirloskar and several KEC Trusts, who were the original and major shareholders of TDPSL. However, the court reserved liberty for the respondents to seek modification/vacation of the interim order.
