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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

New Delhi, Jul 9 () Kirloskar Oil Engines Ltd (KOEL) on Thursday said that a few COVID-19 cases in its critical supplier organisations have impacted their production, thereby affecting the company's supply chain to some extent, which can hamper timely deliveries to some of its customers. In a regulatory filing disclosing the impact of the coronavirus pandemic, the Kirloskar Group flagship firm said its supply chain was also affected to some extent due to constraints in availability of a few raw materials, transportation and workers at suppliers' manufacturing locations. "Currently, we see some improvement in inward and outward supply chain operations. That said, due to constant and unpredictable eruptions of COVID-19 cases in different locations even now, we expect some disruptions in our supplies which may affect sales adversely," the company said. KOEL further said, "Few COVID-19 cases have been noticed in our critical supplier organisations. This has impacted their production and which, in turn, impacted KOEL supply chain to some extent." The company said it has taken all the necessary actions to deal with the situation. However, it added, "this may impact timely deliveries to some of our customers. It may be noted that it is a contextual impact and the company is taking optimal decisions on a case to case basis." In terms of current demand, considering the month-on-month improvement observed during Q1, the company expects further pick up in the coming months/quarters. However, the uncertainties with reference to the spread/containment of COVID-19 remain. "Depending upon the further relaxations/developments relating to COVID-19, the company expects to gradually come back to its original level of operations, in the coming months and quarters. "However, lower performance during Q1 of FY21 is likely to have its impact on the overall performance/profitability of the company for the financial year 2020-21," the filing said. The company, a leading manufacturer of engines and gensets, had posted a revenue of Rs 710.62 crore in the quarter ended March 31, 2020 with a net profit of Rs 46.6 crore. For fiscal year 2019-20, its revenue stood at Rs 2,877.48 crore and net profit was at Rs 170.38 crore. KOEL said its factories and those of its subsidiaries are functioning in line with order position and the quantum of manpower permitted by the government. "There has been good improvement with reference to sales in large engine business. Similar buoyancy in sales was seen in exports. The customer support, agriculture and allied businesses are slowly coming back on track," it said. Power generation and industrial businesses are recovering, but the pace of recovery is slower, and this would impact the profitability of the company, it added. Although there is an uptick in demand in few of its businesses, KOEL said, "The full level of production/sales could not be achieved due to various operational challenges faced such as restricted movement of men and material. However, the early indications are positive and the company hopes to improve the performance in the coming months/quarters." The company also said there could be an impact of increased input costs due to changes in current market scenario. However, it is difficult to assess the exact quantum at this stage. Stating that it has taken adequate measures across the organisation to control costs and address any evolving situation resulting from the pandemic, KOEL said it "does not foresee any significant challenge in realising/recovering its debtors, inventory, and other assets." RKL RVK

Supply chain hit by COVID-19, sales may be affected adversely: Kirloskar Oil Engines

New Delhi, Jan 31 () Kirloskar Oil Engines on Friday posted 14.29 per cent increase in consolidated net profit at Rs 46.36 crore for the third quarter ended December 31, 2019.
The company had reported a net profit of Rs 40.56 crore for October-December period of 2018-19.
Total income however declined to Rs 842.8 crore during the quarter as against Rs 882.90 crore in the year-ago period, Kirloskar Oil Engines said in a regulatory filing.
Shares of the company were trading 0.75 per cent down at Rs 146.40 apiece on the BSE. MSS ANU
ANU

Kirloskar Oil Q3 net up 14 pc at Rs 46 cr

Shares of <keyword id="105577" type="COMPANY" weightage="100" keywordseo="Kirloskar-Oil-Engines">Kirloskar Oil Engines</keyword> Ltd. fell to 2-week lows after the company reported a drop in both quarterly sales and profit.
 

	Kirloskar Oil said its first quarter net profit fell 24 percent to 35.9 crore rupees from 47.3 crore rupees in the same period a year ago. Sales during April-June quarter dropped 9 percent to 581.5 crore rupees ver 639.1 crores, the company said in a statement to the exchanges.
 

	As a consequence, Kirloskar Oil fell 8.95 rupees, or 2.9 percent, to 296.35 rupees on the National Stock Exchange, where 20,700 shares were traded compared with the 5-day average of 33,200 shares.
 

	Kirloskar Oil's market capitalisation has gained 17.4 percent to 4,482 crore rupees over the past one year. 
	 
	Image credit: Indiatimes

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Kirloskar Brothers shareholders reject resolution for forensic audit

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Supply chain hit by COVID-19, sales may be affected adversely: Kirloskar Oil Engines

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Kirloskar Oil Q3 net up 14 pc at Rs 46 cr

PTI

Shares of Kirloskar Oil Engines fell to 2 week lows

Shailendra Bhatnagar

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