Kirloskar Brothers Ltd vs Securities And Exchange Board Of India And Others

Tarun Agarwala, Presiding Officer

We have heard Mr. Janak Dwarkadas, the learned senior counsel for the appellant and Mr. Shiraz Rustomjee, the learned senior counsel for the

respondent Nos. 1 Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) and Mr. P. N. Modi, the learned senior counsel

for the respondent Nos. 2 Kirloskar Oil Engines Ltd. through video conference.

2 It transpires that two complaints were filed by the appellant before SEBI in June 2018 and July 2020 alleging that the respondent No. 2 was required

to disclose the Deed of Family Settlement under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)

Regulations, 2015 (hereinafter referred to as ‘LODR Regulations’). Respondent No. 2 contended that the family settlement is of the year 2009

and, therefore, an undue delay on the part of the appellant in making a complaint. On the other hand, it has been stated by the appellant that there is a

continual requirement of disclosure under the LODR Regulations.

Be that as it may. We are of the opinion that once the complaint has been filed before SEBI, it is obligatory for SEBI to dispose of the complaint.

Since the matter is pending for a long time, we dispose of the appeal directing SEBI to communicate its decision to the appellant within four weeks

from today. The appeal is disposed of accordingly.

The present matter was heard through video conference due to Covid-19 pandemic. At this stage, it is not possible to sign a copy of this order nor a

certified copy of this order could be issued by the Registry. In these circumstances, this order will be digitally signed by the Private Secretary on

behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally

signed copy sent by fax and/or email.