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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

With the latest official data indicating a cooling off in the headline <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> to 4.7 per cent in April, <keyword id="7268643" type="General" weightage="20" keywordseo="RBI-Governor-Shaktikanta-Das" source="Orion">RBI Governor Shaktikanta Das</keyword> said that it proves the 'monetary policy is on the right track, here on Friday. Terming the official data as a very satisfying development, Das refused to comment if the release of the numbers would lead to change of the policy stance or the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) becoming less hawkish. He preferred to say that all this would be clear on June 8 when the next policy review will come up. Das was speaking at the launch of the book 'Made In India' by the G-20 Sherpa Amitabh Kant in Mumbai on Friday evening. He said the RBI is optimistic and fairly confident over India's 6.5 per cent real <keyword id="44910" type="General" weightage="20" keywordseo="gdp-growth" source="Orion">GDP growth</keyword> rate though other analysts have differing views. The RBI chief pointed out that private investments are picking up and it is visible in sectors like enlisted steel, cement and petrochemicals, among others, and any entrepreneur can testify on the growth momentum of higher sales notched every month. Das said that if India grows at 6.5 per cent, it would contribute 15 per cent to the world growth during the year, "which is no mean achievement". Das also stressed the need to continue with reforms, keep accessing the best technology and hike the expenditure on research and development, both in the public and private sectors. In his book, Kant discusses how the Indian economy has emerged as one of the largest in the world with a vibrant startup ecosystem. The Indian economy has come a long way since the time economic performance, shacked by Socialist politics and the licence-permit-quota raj, was christened as the 'Hindu rate of growth'. Kant has attempted to understand the remarkably robust and resilient growth story of the Indian business and enterprise, in a multi-faceted survey of the country's business heritage and culture. The book includes accounts of the development of Indian business and enterprise from the pre-Independence era to the present, 75 years post-Independence. There are inspirational accounts of the top business families or groups like the Tatas, Birlas, Walchand Hirachand Doshi, Wadias, Kirloskars, Shapoorji Pallonji, and the new age entrepreneurs like Sunil Bharti Mittal and Rahul Bhatia. Also present at the launch were Tata Sons Chairman N. Chandrasekaran, Kotak Mahindra Bank CEO Uday Kotak, Nykaa CEO Falguni Nayar. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-sc-hints-at-granting-sebi-extension-on-probe-report-to-decide-on-may-15/articleshow/100185994.cms">Adani-Hindenburg row: SC hints at granting SEBI extension on probe report, to decide on May 15</a>

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Kirloskar Brothers shareholders reject resolution for forensic audit

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As inflation cools off, RBI Guv says 'monetary policy on right track'

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