The Board of Directors of Kirloskar Industries, led by Atul and Rahul Kirloskar, has sought an Extraordinary General Meeting (EGM) of the shareholders of Kirloskar Brothers, a listed entity, to conduct a forensic audit on the latter. Kirloskar Brothers is a company managed by their brother, Sanjay Kirloskar.
The EGM was requisitioned following statements made by KBL that it spent Rs 274 crores on legal, professional fees and consultancy charges. Of this, KBL clarified that it incurred around Rs 70 crores as legal expenses over the last 7 years. "This along with certain recent orders passed against KBL, raise certain