In a move that further intensifies the shareholder battle in TD Power Systems (TDPSL), Vijay Kirloskar says he will be constrained to approach the Central Vigilance Commission (CVC) for an enquiry into alleged irregularities and non-disclosures by the company’s management.
In his latest letter, Kirloskar, said the suit pending before the Karnataka High Court pertains to disputes between the TDPSL promoters in relation to the shares they hold in a trust and certain recent transfers made by them. This does not relate to the TPDSL’s IPO prospectus and cannot be termed as sub-judice.
Further, Kirloskar, a shareholder in the company, wants regulators including Sebi and BSE to conduct a prompt investigation into the issue.
The move comes after TDPSL, in its letter to BSE on October 18, declined to provide clarifications on “deliberate” omissions and misstatements in its Initial Public Offering (IPO) prospectus terming the matter as sub-judice.
Kirloskar, who is the chairman of Bengaluru-based KEC, had earlier moved the Karnataka high court staking claims to about 2.51 crore shares worth ₹555 crore of TDPSL, a company founded by him in 1999.
