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Shareholders of <keyword id="149362" type="General" weightage="100" keywordseo="kirloskar" source="Orion">Kirloskar</keyword> Brothers Ltd have rejected a resolution for forensic audit of the affairs of the company by an external agency, according to a regulatory filing on Monday. On December 8, an extraordinary general meeting of the company's shareholders was convened following requisition by Kirloskar Industries Ltd (KIL) along with <keyword id="281440" type="General" weightage="50" keywordseo="atul-kirloskar" source="Orion">Atul Kirloskar</keyword> and <keyword id="659367" type="General" weightage="50" keywordseo="rahul-kirloskar" source="Orion">Rahul Kirloskar</keyword>, who together hold 24.92 per cent in Kirloskar Brothers Ltd (KBL), amid the simmering feud between Kirloskar siblings. The ordinary resolution was rejected with 63.99 per cent of votes against it while 36.01 per cent were in favour, the filing said. The resolution had called for the appointment of an independent forensic auditor for conducting a forensic audit to investigate and verify the expenses incurred by KBL on legal, professional consultancy charges over the past six years and the affairs of the company. It had also sought investigation to verify all records, books of accounts, minutes books, and other documents of the company besides examining the conduct of the board of directors, including independent directors. KBL board had advised its shareholders to reject the resolution saying "the requisitionists are not justified in questioning the independence of the Independent Directors or the decisions of the board" to initiate legal proceedings to protect the interest of the company. The Kirloskar siblings, with KBL Chairman and Managing Director <keyword id="292658" type="General" weightage="50" keywordseo="sanjay-kirloskar" source="Orion">Sanjay Kirloskar</keyword> on one side and Atul and Rahul on the other, have been in a feud since 2016 over the deed of family settlement for the assets of the more than 130-year-old Kirloskar group. Rahul Kirloskar is the executive chairman of Kirloskar Pneumatic Co Ltd and Atul Kirloskar is the executive chairman of Kirloskar Oil Engines Ltd. In October, Kirloskar Industries Ltd (KIL) along with Atul and Rahul Kirloskar, had sought convening of an extraordinary general meeting of shareholders of KBL seeking a forensic audit of the affairs of the latter by an external agency. They had demanded that being a listed entity KBL should justify the rationale and basis on which it has been spending huge amounts aggregating to approximately Rs 274 crore towards payment of professional illegal expenses and consultancy charges ever since their dispute arose since on or about 2016. After being cleared of insider trading charges labelled against them by the Securities Appellate Tribunal (SAT), Rahul and Atul had raised questions over corporate governance of KBL. They were accused of insider trading when they sold shares of KBL to KIL back in 2010. They had accused KBL of "mis-utilising shareholder resources of a publicly listed company and misusing regulatory machinery" in the personal dispute of its Chairman &amp; Managing Director Sanjay Kirloskar. KIL had demanded that the audit must look into the conduct of the KBL board, especially the independent directors, on whether it has "verified the claims made by Sanjay Kirloskar in relation to the Deed of Family Settlement (DFS), in order to ensure that they have not been misled by the claims made" by the latter. In its rebuttal, KBL had said the legal fees over the last seven years were approximately Rs 70 crore, while a "major portion of the said Rs 274 crore is professional fees paid to various Indian and overseas reputed consultants to improve the company's business". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/dalmia-bharat-to-acquire-cement-power-plants-of-jaiprakash-associates-for-5666-crore-enterprise-value/articleshow/96175228.cms">Dalmia Bharat to acquire cement, power plants of Jaiprakash Associates for ₹5,666 crore enterprise value</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/415-mn-indians-lifted-out-of-poverty-in-india-in-15-years-govt-says-quoting-undp/articleshow/96174443.cms">415 mn Indians lifted out of poverty in India in 15 years: Govt says quoting UNDP</a>

Kirloskar Brothers shareholders reject resolution for forensic audit

Karnataka on Tuesday banned strike by workers of Toyota Kirloskar Motor (TKM) at its Bidadi plant and directed the management to lift the lockout for resuming production soon. "I have directed the Toyota workers' union to withdraw its strike and told the <keyword id="4081652" type="PERSON" weightage="20" keywordseo="company-management">company management</keyword> to lift the week-long lockout declared on November 10 to resume production soon," state Deputy Chief Minister C.N. Ashwath Narayan told reporters here. As the union and its management were in a deadlock over the strike and the lockout following the suspension of 40 workers, Narayan held talks with them at the state secretariat in the city in the presence of state Labour Minister Shivaram Hebbar and the state labour commissioner. "A notification will be issued on Wednesday under section 10 (3) of the <keyword id="455743" type="PERSON" weightage="20" keywordseo="Industrial-Disputes-Act">Industrial Disputes Act</keyword> to ban the strike by the workers and to lift the lockout that was imposed to prevent any damage to the factory," asserted Narayan. The lockout was declared after 1,200 workers resorted to a sit-in strike in the plant at Bidadi in protest against the suspension of their union member. As the strike continued, the company declared lockout and suspended 39 more workers on November 13 for refusing to withdraw their 'illegal' agitation. As the 23-year-old joint venture between the Japanese auto behemoth Toyota and <keyword id="10289535" type="COMPANY" weightage="20" keywordseo="kirloskar-brothers-of-pune">Kirloskar Brothers of Pune</keyword> is located in Ramanagara district, Narayan mediated to resolve the standoff as he is in-charge of the adjust district. "At a conciliatory meeting between the union and the management at the labour commissioner office in the city in the evening, the company offered to lift the lockout subject to an assurance by the union that its member-workers will maintain normalcy and cordial relations in the factory to resume operations," said an official of the labour department. The union, however, is yet to respond to the company's conditional offer. Both the ministers told the TKM management to lift the lockout and resume production from Wednesday to make-up for the week-long work loss. The company has two plants in the Bidadi industrial area with 3.1-lakh units installed capacity to roll out its popular multi-utility vehicle Innova, sports utility vehicle Fortuner, Yaris and Camry hybrid sedans. The company has 6,500 employees on its factory rolls. The company also imports Vellfire from its overseas plants for sale in India. "Karnataka's work culture has enabled the industry's robust growth over the decades in the manufacturing sector. The state is known for its conducive environment for investment and growth of industries across verticals," asserted Narayan. At a time when the government is trying to revive the economy battered by the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> pandemic over the last eight months, the strike and lockout will send a wrong signal to the stakeholders," said Hebbar on the occasion. SEE ALSO: <a href="https://www.businessinsider.in/india/news/as-covid-19-cases-spike-in-delhi-aarvind-kejriwal-government-has-proposed-plans-to-limit-guests-at-a-wedding-to-50-people/articleshow/79259569.cms">Delhi government wants weddings to be restricted to 50 people, markets to be sealed if norms violated</a> <a href="https://www.businessinsider.in/policy/economy/news/ahead-of-modi-and-xi-virtual-meet-at-brics-summit-india-foreign-minister-warns-of-rcep-damaging-consequences/articleshow/79257760.cms">India's Foreign Minister warns of RCEP's 'damaging consequences' ahead of Modi and Xi's virtual meet at BRICS summit</a>

Karnataka government prohibits workers' strike at Toyota Bidadi plant, asks management to lift lock-out

<ul><li>The SGX Nifty was trading 0.27% lower at 7:45 am, indicating a red start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst negative cues from the global markets, the Indian equities are likely to open lower on Thursday. The SGX Nifty was trading 0.27% lower at 7:45 am, indicating a weak start for Nifty50. The US stocks also closed on a choppy note as negotiations continue to drag over the stimulus package. Dow Jones shed over 97 points, and the S&amp;P 500 ended 0.22% lower. These are the stocks to watch out for during the trading session on October 22: Bajaj Finserv The private lender Bajaj Finserv reported an 18% fall in its consolidated net profit to ₹986.29 crore for the quarter ended September 30, as group entities suffered a contraction in profits. The company’s overall income rose 5.8% to ₹15,051.59 crore during the quarter under review. The shares of Bajaj Finserv ended 0.72% lower on Wednesday. DLF Realty major DLF’s rental arm has signed a deal with Standard Chartered GBS. DLF will be leasing 7.7 lakh sq ft office space in an upcoming commercial tower in Chennai. The shares of DLF ended 2.87% higher on Wednesday. Prestige and Brigade Bengaluru-based developers Prestige and Brigade Group have partnered to develop a shopping mall and a hotel in Chennai at the cost of around ₹500 crore. The two leading developers have jointly taken 7.5-acre land on a 99-year lease in Chennai. The shares of Prestige ended 3% lower on Wednesday, whereas Brigade was up over 4%. Kirloskar Brothers Regulator SEBI has slapped a penalty of ₹31 crore on Kirloskar Brothers Ltd (KBL) promoters and others for indulging in insider trading and committing fraud on public shareholders of Kirloskar Industries. Also, the entities have been barred from the capital market for a period ranging three months to six months, the regulator said in three separate orders on Tuesday. The shares of Kirloskar Brothers ended 0.18% lower on Wednesday. Aavas Financiers Aavas Financiers board approved to raise up to ₹100 crore via bonds. The shares of Aavas Financiers ended 0.44% lower on Wednesday. Equitas Small Finance Bank IPO The initial public offering (IPO) of Equitas Small Finance Bank was subscribed 67% on the second day of bidding. The portion reserved for qualified institutional buyers (QIBs) was subscribed 5%, non-institutional investors 5% and retail investors 142%. Bajaj Auto, Asian Paints, Biocon and Bharti Infratel Bajaj Auto, Asian Paints, Biocon and Bharti Infratel will be reporting their financial earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/kumar-mangalam-birla-says-cement-industry-is-recovering-and-analysts-find-evidence-of-it-outside-ultratech-too/articleshow/78791281.cms" data-type="tilCustomLink">Kumar Mangalam Birla says cement industry is recovering and analysts find evidence of it outside UltraTech too</a> <a href="https://www.businessinsider.in/business/startups/news/uber-bus-pradeep-parameswaran-says-india-and-apac-will-follow-egypt-success/articleshow/78788982.cms" data-type="tilCustomLink">Uber Bus in India soon? Head of Mobility in APAC says he is ready to import the Egypt experiment</a> <a href="https://www.businessinsider.in/india/news/sadhguru-advice-government-should-give-tax-relief-for-sustainable-businesses/articleshow/78790522.cms" data-type="tilCustomLink">Sadhguru’s advice: Government should give tax relief for sustainable businesses</a>

Top stocks to watch — DLF, Bajaj Finserv, Prestige, Brigade, Bajaj Auto, Asian Paints, Biocon, and others

The boy's football team trapped in Tham Luang Cave have officially been rescued. The bravery of the people involved can't be discounted, but <keyword id="6355118" type="UNKNOWN" weightage="20" keywordseo="technology">technology</keyword> had a large part to play as well. In <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>, flooding is just as big an issue. Mumbai gets water logged every season, people on pilgrimages get trapped and residences on River banks are destroyed periodically as water levels rise due to monsoon or flash floods. Urban flooding, specifically, is a not-so-new a phenomenon that's been wreaked havoc all over the country. In either case, technology can be used for all the right reasons to get the job done. Tech lessons for India 1. Don't wait for the submarine <a href="http://www.businessinsider.com/thai-rescue-officials-to-elon-musk-submarine-idea-is-not-practical-2018-7">Elon Musk</a> wanted to help and had the technology in place do so as well, it's just that it was a little late and the human rescue operation was already underway. Not to mention that the Navy SEALS had already advised against using<a href="http://www.wired.co.uk/article/thai-cave-rescue-boys-news-tech"> 'un-tested'</a> technology when the PTT Exploring and Production Public Company Limited (PTTEP) offered their underground vehicles. Equipped with sonar scanners that could help create an underwater map of the cave and help divers navigate through the muddy water, it was still recommended that they don't enter since the terrain was very different from what the vehicles were used to and had been tested in. India, as of now, doesn't have an underwater technology to help with <keyword id="6369083" type="UNKNOWN" weightage="20" keywordseo="flood">flood</keyword> operations. Not that it needs to match <keyword id="6355315" type="PERSON" weightage="20" keywordseo="elon-musk">Elon Musk</keyword>’s levels, but it would be immensely helpful in any situation people are stuck underground. Also, don't wait for the submarine. Rescue operations are time sensitive and critical, if you have resources on hand, use them. 2. Map it out Anyone who's played PUBG or Call of Duty knows that you can see the terrain so much better from a height. It's actually just basic battle strategy. Which is why it made so much sense for the PTTEP, in coordination with<a href="https://www.denverpost.com/2018/07/11/denver-3d-earth-mapping-tech-thai-soccer-rescue/"> InterMap</a>, to create a 3D aerial map of the cave and terrain where the children and their coach were trapped. Ordinarily, PTTEP uses these drones, which<a href="https://www.inverse.com/article/46898-thai-cave-rescue-3-engineering"> inspect</a> high-risk potential drilling sites, but combined with mapping technology they were able to ascertain potential entry points. Drones are key. They do away with the human effort of the ground team to manually climb and check each location. This is important because it goes a long way in simplifying the operation. <keyword id="6354474" type="UNKNOWN" weightage="20" keywordseo="drone">Drone</keyword> usage in India, even by government authorities, is hardly prevalent. At most it's being used for<a href="http://www.dnaindia.com/mumbai/report-govt-plans-to-use-drones-for-spatial-survey-across-maharashtra-2635229"> spatial surveys</a> and<a href="https://factordaily.com/drones-for-precision-agriculture-in-india/"> precision agriculture</a>. Urban flooding, a paradigm that India is still grappling with, could find real relief in such a measure. In the past, underwater expressways and submerged low-rise buildings have proven<a href="https://economictimes.indiatimes.com/opinion/interviews/chennai-floods-was-the-largest-rescue-operation-ever-by-ndrf-op-singh-dg/articleshow/50390863.cms"> hard to spot</a> in muddy waters. 3. Pump-di-bump Too much of good thing can prove to be bad. An abundant water supply is a boon for agriculture, and on the other hand floods have the potential to wreck in, an otherwise, fruitful season. During the cave rescue, it was India's very own <keyword id="123991" type="DOMAIN" weightage="20" keywordseo="Kirloskar-Brothers">Kirloskar Brothers</keyword>' Limited (KBL) who provided the<a href="https://economictimes.indiatimes.com/news/politics-and-nation/how-an-indian-firm-helped-thailand-rescue-12-boys-trapped-in-a-flooded-cave/finally-hooyah/slideshow/64944153.cms"> know-how</a> to go with the dewatering pumps. On the recommendation of the Indian Embassy in <keyword id="3739" type="COUNTRY" weightage="20" keywordseo="Thailand">Thailand</keyword>, the company even had four high capacity specialised Autoprime pumps in place to be picked up from Maharashtra if the need arose. This measure, and others which are similar, are already being implemented in few areas in India. For example, Grundfos India<a href="https://timesofindia.indiatimes.com/city/chennai/Grundfos-mobile-pumping-station-used-in-Chennai-to-pump-out-flood-water/articleshow/50140951.cms"> provides</a> the Chennai City Corporation with mobile pumping stations that are specifically designed for floods. Even Mumbai<a href="http://www.freepressjournal.in/mumbai/mumbai-rains-crores-spent-on-procurrement-of-pumps-flowed-into-the-floods/1128756"> spends</a> crores on pumps to dewater the city. 4. Calling Houston The devices that were originally used to contact the missing football team weren't new-age, but actually 20-years old. Issued by Derbyshire Cave Rescue Organisation, these HeyPhones can<a href="https://hub.packtpub.com/the-tech-supporting-the-thai-cave-rescue-mission/"> operate</a> on such a low frequency that those waves can pass through thick rock walls. More than that, the Thai rescue team also got in touch with Maxtech Networks, an Israeli communication company. These guys provided 19 special handheld devices that could<a href="https://www.jewishnews.net.au/israeli-tech-aids-thai-cave-rescue/79552"> boost</a> the power of the default radio by 20 times. The system works on a 'daisy chain' mechanism that hops voice, video and data from one device to the next. One of the main obstacles that have to be overcome in emergency disasters is communication. Regardless of whether it is <keyword id="44522" type="LOCATION" weightage="20" keywordseo="Uttarakhand">Uttarakhand</keyword> or <keyword id="6358126" type="LOCATION" weightage="20" keywordseo="Himachal-Pradesh">Himachal Pradesh</keyword>, the gigantic spans of the mountains makes communication a hurdle. Even in 2014, the<a href="http://www.rediff.com/news/report/kashmir-flooded-with-woes-landslides-no-connectivity-communication-hit/20140909.htm"> Kashmir</a> valley was faced with no connectivity and isolation from the outside world when the floods hit. Floods are not a new phenomenon in India and the headline has, too often, been that poor preparedness is what caused of the disaster. Integrating some tech, making information more public and having some sort of integrated system in place are only the most basic of requirements.

Here's what India can learn from the Thailand cave rescue

Udipi Vasudeva Rao popularly known as UV Rao, the former managing director and CEO of engineering giant <keyword id="2701220" type="UNKNOWN" weightage="20" keywordseo="Larsen-and-Toubro-Limited">Larsen and Toubro Limited</keyword>, has passed away. Prior to his death, he was serving as the independent director on the Board of <keyword id="616953" type="ORGANIZATION" weightage="20" keywordseo="Kirloskar-Brothers-Limited">Kirloskar Brothers Limited</keyword>. 
	 
	“We regret to inform you that UV Rao, an Independent Director of our company has passed away on Saturday, January 24, 2015. He was 85 years old. As a result, he has ceased to be a Director of the company with effect from January 24, 2015,” the company said in its statement. 
	 
	Previously, Rao has served as the president of Indian Electrical and Electronic Manufacturers Association, the apex body for industrial and electrical goods manufacturers. He was also the honorary counsel general for Denmark for Western India as well as the former chairman of Indo-Danish Business Committee. 
	 
	Rao was also a part of the Capital Goods Committee of the Planning Commission. Apart from this, he was also on the Boards of TIL Limited, John Fowler India Private Limited, Dickinson Fowler Private Limited. 
	 
	Image Credit: Official Website of Kirloskar Brothers

Former
L&T CEO UV Rao Passes Away

<ul><li>After a month of searching, the search for the 15 miners in <keyword id="6355772" type="LOCATION" weightage="20" keywordseo="meghalaya">Meghalaya</keyword> finally seems to have yielded results. </li><li>The underwater remotely operated vehicle (ROV) spotted a body 160 feet into a ‘rat hole’ mine that was flooded by the Lytein River. </li><li>The body is being brought out under the supervision of doctors and the search continues for the 14 remaining miners.</li></ul>The <a href="https://www.businessinsider.in/indian-supreme-court-expresses-dissatisfaction-instructs-government-to-get-the-miners-out-dead-or-alive/articleshow/67257937.cms">Meghalaya mining crisis</a> in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> finally seems to have made progress after over a month of searching for the 15 miners trapped in an illegal rat-hole mine. The <keyword id="6355100" type="COMPANY" weightage="20" keywordseo="Indian-Navy">Indian Navy</keyword> spotted a body 160 feet into mine using its underwater remotely operated vehicle (ROV). 
	
	
	<div type="twitter" handle="indiannavy" handlename="SpokespersonNavy" image="http://pbs.twimg.com/profile_images/871053127205625856/pGhIGmLN_normal.jpg" favoritecount="49" retweetcount="28" status="#MeghalayaMineTragedy The depth is 160 feet (and not 60 feet) and the body has been pulled upto the mouth of Rat-ho… https://t.co/F5tH54k3Xa" createdat="1547696283000" id="1085743023957323777"></div>







 The body is being brought up to the mouth of the mine under the supervision of doctors — and the hunt is still on for the remaining 14 miners. The efforts to rescue the miners were halted altogether two weeks into the operation when the pumps available to the state government gave out under stress. It was only then that firefighters from Odisha and the Indian Navy were called in to help. Even <keyword id="45383" type="COMPANY" weightage="20" keywordseo="Coal-India">Coal India</keyword> Limited and Kirloskar Brother Limited stepped in to offer high-capacity submersible pumps to help with the process. The flooding from the Lytein river created a situation that even Indian Navy divers couldn’t go deep enough to access the rat holes until the water in the mine was taken out. Dangers of mining practices in this part of the country is exactly why the National Green Tribunal (NGT) banned mining in Meghalaya in 2014. Despite the ban, mining practices have continued. In early January, two miners died in an illegal <a href="https://www.businessinsider.in/more-illegal-mining-in-india-the-state-of-meghalaya-has-more-questions-than-answers/articleshow/67419109.cms">‘side cutting’ mine</a> in another part of the state. Here’s a quick look at the Meghalaya mining crisis:

You Searched For "Kirloskar Brothers" and got 6 results

Kirloskar Brothers shareholders reject resolution for forensic audit

PTI

Karnataka government prohibits workers' strike at Toyota Bidadi plant, asks management to lift lock-out

IANS

Top stocks to watch — DLF, Bajaj Finserv, Prestige, Brigade, Bajaj Auto, Asian Paints, Biocon, and others

Navdeep Yadav

Here's what India can learn from the Thailand cave rescue

Prabhjote Gill

Former L&T CEO UV Rao Passes Away

Purba Das

India’s Meghalaya mining crisis finally makes progress in its search for 15 missing miners

Prabhjote Gill

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