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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

Sanjay Gupta, <keyword id="2853478" type="POSITION" weightage="20" keywordseo="Sr-General-Manager">Sr. General Manager</keyword> and Group <keyword id="6411847" type="POSITION" weightage="20" keywordseo="head">Head</keyword>, Marketing, <keyword id="596" type="CITY" weightage="20" keywordseo="Hyundai">Hyundai</keyword> Motor India Ltd, has moved on from the company. Multiple sources close to the development has confirmed the news to Ad Age India. 
 Gupta has now joined a Gurgaon-based <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> firm <keyword id="626993" type="COMPANY" weightage="20" keywordseo="M3M-India">M3M India</keyword> as the <keyword id="113363" type="POSITION" weightage="20" keywordseo="Chief-Marketing-Officer">Chief Marketing Officer</keyword>. He had joined Hyundai in April 2014. Prior to this, he was associated with <keyword id="106888" type="CITY" weightage="20" keywordseo="Toyota-Kirloskar-Motors">Toyota Kirloskar Motors</keyword> as GM, Marketing from 2008 to 2014. 
 Gupta has been in the auto industry for more than two decades and served various marketing roles. Prior to Toyota Kirloskar, he was associated with <keyword id="1774706" type="COMPANY" weightage="20" keywordseo="Honda-Motorcycle-Scooter-India-Pvt-Ltd">Honda Motorcycle &amp; Scooter India Pvt Ltd</keyword>, <keyword id="2853477" type="UNKNOWN" weightage="20" keywordseo="Shriram-Automotive-Products-Ltd">Shriram Automotive Products Ltd</keyword>, <keyword id="2853476" type="UNKNOWN" weightage="20" keywordseo="GE-Motors-India-Ltd">GE Motors India Ltd</keyword>, to name a few.

Hyundai India’s Group Marketing Head Sanjay Gupta Quits

New Delhi, Feb 21 () Commerce and Industry Minister Piyush Goyal on Friday took a dig at the industry for taking business chambers lightly, saying businessmen only approach these bodies when they face problems. Goyal said that many times he found at functions of CII, Ficci and Assocham only the current president, few past presidents, incoming presidents and possibly a few public spirited office bearers. "Where was the trade and industry and business community when the nation needed them?" he said at an AIMA event here. The minister requested AIMA President Sanjay Kirloskar and past president Harsh Pati Singhania, who were present at the function, to take this message to "all your colleagues and friends that associations are not to be taken lightly." "Industry bodies and businesses are not something which you only go to when you are in trouble. These are organisations which have a national duty and a national role to play," he added. Citing the example of the recent decision to increase import duty on toys, he said the toy industry has now become "super active". "Why did they not improve the standards of toys in the past, why did they not give our children better quality toys, why did we kill our domestic industry and become dependent on low quality inferior stuff coming from other countries," Goyal questioned. The government in the Union Budget raised import duty on toys from 20 per cent to 60 per cent. The toys associations are demanding rollback of the decision. "I often feel very sad when I go to CII, Ficci, Assocham programmes. I find the current president, few past presidents, and the incoming presidents, possibly a few officer bearers, if at all they are public spirited...I do not know where you all managed to get the rest of the room filled up. What is the level of involvement?," he said. On the other hand, when there is a problem in business or industry, they run to these chambers, the minister said. RR CS ABM

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Kirloskar Brothers shareholders reject resolution for forensic audit

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