Latest news with #KirloskarGroup
Mint
26-06-2025
- Business
- Mint
Kirloskar cos drag Sebi to court—say key disclosure rules are ‘unconstitutional'
Mumbai: In a dramatic escalation of the long-running Kirloskar family dispute, five listed Kirloskar Group companies have moved the Bombay High Court challenging the constitutional validity of a regulation that mandates disclosure of private agreements by promoters, directors, and other stakeholders. Kirloskar Oil Engines Ltd (KOEL),Kirloskar Ferrous Industries Ltd,Kirloskar Pneumatic Company Ltd,Kirloskar Industries Ltd, and GG Dandekar Properties Ltd have individually filed writ petitions challenging regulations laid down by the Securities and Exchange Board of India. Mint has seen a copy of the petitions. The companies said Sebi's disclosure rules were 'manifestly arbitrary', 'disproportionate', and 'impermissibly retrospective'. They argued that the regulator had overstepped its mandate by effectively compelling listed companies to treat third-party agreements—including those they may not have signed or ratified—as binding and material. The Bombay High Court has sought Sebi's response and is expected to hear the matter on 20 August. The outcome could have wide-ranging implications for corporate disclosures, particularly for companies with complex ownership or family-led structures. The petitioners have contested Regulation 30A and Clause 5A of Para A of Part A of Schedule III of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, as well as Sebi circulars dated 13 July 2023 and 11 November 2024, which operationalised these rules. Regulation 30A and Clause 5A require listed companies to disclose certain types of agreements even if the entity is not a direct party, if such agreements impact the company's management, control, or impose any restriction or liability. The petitioners have also challenged Regulation 30(13), which requires listed entities to promptly disclose significant communications received from regulatory, statutory, enforcement, or judicial authorities. 'The regulations run contrary to the basic principle of 'consent' or 'consensus ad idem'—a pre-condition to formation of a contract under the Indian Contract Act,' the companies have stated in their petitions. The legal actions come amid the ongoing Kirloskar family feud over a 2009 'Deed of Family Settlement' (DFS), a private arrangement that outlined the distribution of control, management, and ownership across various Kirloskar companies among family branches. Sanjay Kirloskar-led Kirloskar Brothers Ltd, a listed entity from the Kirloskar Group, has demanded that Kirloskar Oil Engines Ltd (KOEL) and other group firms disclose the DFS under Regulation 30A. KOEL maintains it is not a party to the DFS and therefore should not be compelled to disclose it. Sebi, in a communication issued in December 2024, had advised KOEL to disclose the DFS, stating that the document 'remains subsisting in nature and indirectly imposes restrictions' on the company. In their petitions, the listed Kirloskar Group companies have argued that Sebi's disclosure rules violated well-established principles of company law and contract law, including the doctrine of privity and a board's exclusive authority over decisions binding a company. Sebi's move also raised concerns over unintended consequences and unreasonable outcomes, such as being forced to disclose agreements made by unrelated or disgruntled individuals, they said. 'It envisages absurd and unreasonable circumstances where… any employee (at whatever post or even a disgruntled employee)… can bind a listed entity to an agreement… merely upon informing the listed entity of such agreement,' the petitioners stated. They also argued that Sebi was encroaching on the domain of civil courts. 'By interpreting disputed agreements which are in fact sub judice… Sebi is assuming the role of a civil court… and encroaches on the jurisdiction of the civil court,' the petitions state. Kirloskar Brothers Ltd (KBL) has filed an intervention application arguing that several other listed companies—such asHikal Ltd,DCM Ltd,TVS Motor Co. Ltd, andAdani Wilmar Ltd—have already complied with Sebi's disclosure requirements without challenging the regulation's legality. "Given that the regulation has already been acted upon and complied with by multiple listed entities… there exists no justifiable basis for the companies for challenging its constitutional validity at this belated stage apart from the petitioners' mala fide motives,' KBL's application states. Vishwanath Iyer, partner at law firm Anand Sharma and Associates, said calling Regulation 30A as 'unconstitutional' was a stretch. 'Courts have repeatedly affirmed Sebi's wide rule-making power over listed companies. Earlier precedents make it clear that a mere requirement to place a decades-old family deed on the stock exchange website is nowhere near a violation of fundamental rights,' Iyer said. 'It is unusual that a listed company is claiming Sebi's LODR guidelines as unconstitutional. The Bombay High Court is likely to ask why a company that benefits from public markets thinks it can opt out of the transparency bargain that every other issuer accepts,' he added.
India.com
22-06-2025
- Business
- India.com
Meet Noel Tata's glamorous bahu who is heir to Rs 134880000000 business empire, Ratan Tata was her…, her name is...
Meet Noel Tata's glamorous bahu who is heir to Rs 134880000000 business empire, Ratan Tata was her…, her name is... Following the death of Ratan Tata, Noel Tata was designated by the trustees as the new Chairman of Tata Trusts on October 11, 2024. This designation attracted much public scrutiny, with many inquiring about Noel Tata and taking to the internet to learn more about him. More curiosity grew on the internet about Noel Tata's background, education, and family. Interest grew around Noel's wife, Aloo Mistry, and her brother, Cyrus Mistry, especially in light of their past grievances with Ratan Tata. With this transition in leadership, the Tata family has been a topic of conversation once again. Meet Noel Tata's glamorous bahu who is heir to Rs 134880000000 business empire Noel Tata, a prominent member of the Tata family, has three children: Leah, Maya, and Neville Tata. The youngest of the three, Neville Tata, is a graduate from the Bayes Business School and is following in the footsteps of two of India's most prominent business families. Manasi Kirloskar is married to… Neville is married to Manasi Kirloskar, a dynamic business leader from the Kirloskar Group. Born on August 7, 1990, Manasi stepped into leadership after the sudden demise of her father, Vikram Kirloskar, who passed away from a heart attack at the age of 64. In November 2022, she was appointed Chairperson of Kirloskar Joint Venture Private Limited, one of the most important company members of the 130-year-old Kirloskar Group, worth ₹13,844 crore at present. Manasi Kirloskar is the daughter-in-law of Noel Tata and Aloo Mistry and thus connected to both the Tata and Kirloskar legacies of industrialists. Aloo Mistry is also the sister of Cyrus Mistry, the former chairman of the Tata Group who passed away recently. Manasi got her education from the Rhode Island School of Design in the USA, where she earned her Fine Arts degree. Manasi is married to Neville Tata, and they have two children, linking the legacies of two of India's influential business families. Manasi Kirloskar is related to Cyrus Mistry! 'Ms Manasi Tata, a graduate from the Rhode Island School of Design in the US, is well conversant in Toyota manufacturing processes and with the Japanese work culture. A fifth-generation scion of the Kirloskar empire, Ms. Manasi holds art very close to her heart and her NGO, 'Caring with Colour' leverages this passion of hers, works with Government schools in three districts of Karnataka,' reads the statement on the website of Toyotabharat. Manasi Kirloskar's mother, Geetanjali Kirloskar, serves as the Chairman and Managing Director of Kirloskar Systems Private Limited. Manasi, following her mother, has established her own path in business and in the arts. A gifted painter, she presented her first art exhibition at the age of 13. In addition to her business and creative endeavors, Manasi enjoys swimming. In addition to being an accomplished businesswoman in the capacity of head of Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts, Manasi Kirloskar is well known for her sophisticated style and for being present in social and fashion circles. Noel Tata is the half-brother of Ratan Tata, having the same father, Naval Tata. Manasi Kirloskar is married to Neville Tata, who is Noel Tata's son, making Manasi Noel's daughter-in-law. While Manasi is now part of the Tata family, she does not have a direct familial connection with Ratan Tata other than being related to the extended Tata family.
India.com
15-05-2025
- Automotive
- India.com
Meet Manasi Kirloskar, Noel Tata's glamourous daughter-in-law, heir of Rs 13273 crore business empire, her net worth is...
Noel Tata, who was chosen unanimously to succeed Ratan Tata as the chairman of Tata Trusts, is part of one of India's most influential business families. He is the father of three children, daughters Maya and Leah Tata, and a son, Neville Tata. In 2019, Neville Tata tied the knot with Manasi Kirloskar, marking the union of two powerful business dynasties: the Tatas and the Kirloskars. The lavish ceremony was hosted at Ratan Tata's Mumbai residence and was attended by close family and prominent personalities. Manasi Kirloskar was born on August 7, 1990 to industrialist Vikram Kirloskar and his wife Geetanjali. She pursued her higher education at the Rhode Island School of Design (RISD) in the United States, where she earned a Bachelor's degree in Fine Arts. Manasi is a passionate globetrotter. Her travels take her through galleries, heritage sites, and vibrant cultures, all of which fuel her creativity. Her talent and vision have been recognized by legends in the art world, including the late M.F. Husain. She represents the fifth generation of the Kirloskar legacy a business empire established in 1888 by Laxmanrao Kirloskar. With a legacy spanning more than a century, the Kirloskar Group is one of the cornerstones of India's industrial growth. Manasi Kirloskar joins Kirloskar Group After her father's death, Vikram Kirloskar in 2023, Manasi Kirloskar stepped up to take on a prominent leadership role in the Kirloskar Group. She was appointed Vice-Chairperson of both Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts. This company is a key part of the prestigious Kirloskar Group, which has a remarkable history of 130 years in India and holds a market capitalization of Rs 13,844 crore. There are the two key pillars of the family's joint ventures with Toyota. Her responsibilities didn't stop there; she also took charge as Chairperson of several other key entities, including Kirloskar Toyota Textile Private Limited, Toyota Engine India Limited, Denso Kirloskar Industries Private Limited, and Toyota Material Handling India Private Limited. Manasi'swork has already earned her international recognition. The United Nations honored her with the Young Business Champion award. Manasi Kirloskar brings a fresh, modern perspective to the table. Manasi Kirloskar net worth While there is no publicly available information about the wealth possessed by Manasi Kirloskar, she is the heiress of the Kirloskar Group, which has a market valuation of Rs 15600 crore, making her one of the richest women in India.
