Sebi penalises Kirloskar promoters over alleged breach of securities norms

Over a dozen individuals and entities asked to cough up Rs 31 crore in penalty and disgorgement

The Securities and Exchange Board of India (Sebi) on Wednesday charged the three Kirloskar brothers — Atul, Rahul and Sanjay — and their family members with alleged violation of regulations. It barred Rahul and Atul Kirloskar from the securities market for six months.

At present, Rahul and Atul Kirloskar are at odds with their brother Sanjay Kirloskar. Sanjay heads Kirloskar Brothers (KBL), while Rahul and Atul are in charge of Kirloskar Industries.

In three separate orders, the regulator asked over a dozen entities and individuals belonging to both factions to cough up over Rs 31 crore in penalties and disgorgement.

The Atul and