Kirloskar Brothers Ltd. vs Sebi

Date of Decision : 15.01.2021

Misc. Application No. 573 of 2020 (Urgency Application) And Misc. Application No. 574 of 2020 (Interim Application) And Appeal No. 27 of 2021

Kirloskar Brothers Ltd. 'Yamuna', Survey No. 98 / (3 to 7), Plot No. 3, Baner, Pune - 411 045. ...Appellant

Versus

1.

Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.

2. Kirloskar Oil Engines Ltd.

Laxmanrao Kirloskar Road, Khadki, Pune - 411 003. ... Respondents 2

Mr. Janak Dwarkadas, Senior Advocate with Mr. Ashish Kamat, Mr. Rustam Gagrat, Ms. Ipshita Sen, Mr. Zeeshan Farooqui Advocates i/b Gagrats Advocates & Solicitors for the Appellant.

Mr. Shiraz Rustomjee, Senior Advocate with Mr. Mihir Mody, Mr. Arnav Misra, Advocates i/b K. Ashar & Co. for the Respondent Nos. 1.

Mr. P. N. Modi, Senior Advocate with Mr. Kunal Katariya, Mr. Tushar Ajinkya, Ms. Sukanya Sehgal, Advocates i/b ThinkLaw for the Respondent Nos. 2.

CORAM : Justice Tarun Agarwala, Presiding Officer Dr. C. K. G. Nair, Member

Per : Justice Tarun Agarwala, Presiding Officer (Oral)

1. 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. 3

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.

3. 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.

4. 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 4

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.

Justice Tarun Agarwala RAJALAK Digitally signed by RAJALAKSHMI Presiding Officer SHMI H H NAIR Date: 2021.01.18 NAIR 15:40:20 +05'30'

Dr. C. K. G. Nair Member 15.01.2021 PTM