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The Commercial Court had refused to issue a temporary injunction, after which Kirloskar and the trusts petitioned the HC. (Representative image: ANI)
The court issued the interim order based on a petition by Vijay Ravindra Kirloskar, chairman of the city-based Kirloskar Electric Company (KEC) which founded TDPSL in 1999.
The Karnataka High Court prevented the chairman of TD Power System Ltd (TDPSL) and several others from transferring shares of the company worth Rs 555 crore.
The court issued the interim order based on a petition filed by Vijay Ravindra Kirloskar, chairman of the city-based Kirloskar Electric Company (KEC) which founded TDPSL in 1999.
Kirloskar along with several KEC Welfare Trusts moved the Supreme Court to direct the several people who own the Rs 2.51 crore shares worth Rs 555 crore in the company, not to transfer or sell them in the stock market.
Kirloskar and Trusts have approached a commercial court in Bengaluru seeking an injunction against TDPSL chairman and Kirloskar family friend Mohib Nomanbhai Khericha, Kirloskar’s nephew Nikhil Kumar and others from disqualifying the ₹2.51 crore TDPSL shares they hold.
The Commercial Court had refused to issue a temporary injunction, after which Kirloskar and the trusts petitioned the HC.
A single panel of Justice SR Krishna Kumar on July 12 granted the temporary injunction and gave the defendants one week to file their objections and seek the annulment of the interim injunction.
The High Commissioner issued an emergency notice to respondents and said: “In the meantime, Participants 1 to 5 and Defendants 7 to 10, their agents, representatives, servants, associates, power of attorney holders and/or officers and/or any person making claims by them or from through or under them in any way alienate/transfer/encumber/deal with and/or create any rights of a third party whatsoever in respect of the Schedule of Claim Shares, i.e. 2,51,32,165 shares of TD Power Systems Limited/Defendant The sixth is here, listed on the National Stock Exchange and the Bombay Stock Exchange, until the next hearing date.” Kirloskar and Trusts claimed that Khericha and other shareholders sold TDPSL shares worth Rs 584 crore recently in block deals in the stock market. These shares of Rs 3.77 crore were sold at a value of Rs 221 per share on 30th June.
Kriloskar allegedly transferred his ownership of the shares to Khericha to hold them on his behalf. The petition alleged that Khresha had failed to comply with an agreement to return the shares to Kirloskar.
Other defendants in the case are Ms Saphire Finman Services LLP, Ms Charted Capital Investment Limited, Sofial Mohib Khericha, Sagir Mohib Khericha, Ms TD Power Systems Ltd, Hitoshi Matsuo (Japan), Lavanya Sankaran and Arya Sankaran.
(This story was not edited by the News18 staff and was published from a syndicated news agency feed – PTI)
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