Kirloskar Bros shareholders to vote on forensic audit starting Tuesday

Kirloskar Industries, a key investor in KBL, had sought the audit over legal fees of Rs 70 crore incurred by the latter. An EGM to consider this issue will be held on Dec 8

Investors of Kirloskar Brothers will begin voting on Tuesday, on a resolution seeking a forensic audit of the company as requested by Kirloskar Industries, one of KBL's key shareholders.

In a statement, Kirloskar Industries said as the largest minority shareholder of KBL, it is its duty to hold the KBL Board accountable to all stakeholders, instead of allowing it to be run as a "personal fiefdom" of its Chairman and Managing Director. KBL is chaired by Sanjay Kirloskar while Kirloskar Industries is run by his brothers, Atul and Rahul.

KIL had called for a shareholders meeting, seeking a forensic audit