Kirloskar Brothers calls EGM on Dec 8; to vote on forensic audit

Shareholders to discuss legal fees paid by company as dispute in promoter family continues

Kirloskar Brothers, a listed entity owned by Sanjay Kirloskar, has called an extraordinary general meeting (EGM) of shareholders on December 8 to discuss issues raised by Atul and Rahul, the businessman’s brothers, on the legal fees paid by the company and to vote on appointing a forensic auditor.

A company notice said the bulk of the legal and consultancy fees of about Rs 274 crore went to consultants, which included BCG, KPMG and Roland Berger, for work related to business strategies.

The legal fees for the last seven years, amounting to approximately Rs 70 crore, related to tax and labour