Karnataka HC stays TD Power System’s share transfer
The Karnataka High Court on Wednesday passed an interim order, restraining the transfer/alienation of 2,51,32,165 shares of TD Power System Limited, Bengaluru, either at the National Stock Exchange or the Bombay Stock Exchange.
Justice S R Krishna Kumar passed the interim order on a petition filed by Vijay Ravindra Kirloskar, chairman of Kirloskar Electric Company Limited (KECL), and others.
The petitioners contended that in February 2001, the shares held by Vijay and other petitioners, including a couple of trusts, were transferred to Mohib Nomanbhai Khericha, a close family friend, without receiving any consideration. There was a specific understanding that those shares, bonus shares, dividends, debentures and other accruals will be transferred as and when the petitioners demanded the same.
