Karnataka High Court stays transfer of 2.51 cr shares of TD Power System Ltd

economictimes.indiatimes.com:

Karnataka has restrained the chairman of TD Power System Ltd (TDPSL) and several others from transferring shares worth Rs 555 crore of the company. The court passed the interim order on a petition by Vijay Ravindra Kirloskar, the chairman of city-based Kirloskar Electric Company (KEC) who founded TDPSL in 1999. Kirloskar along with the several KEC Welfare Trusts had moved the high court seeking a direction to several persons who hold 2.51 crore shares worth Rs 555 crore in the company, not to transfer or sell them in the stock market. Kirloskar and the Trusts had approached a commercial court in Bengaluru seeking an injunction against the chairman of TDPSL and a family friend of Kirloskar, Mohib Nomanbhai Khericha, Kirloskar's nephew Nikhil Kumar and others from alienating Rs 2.51 crore shares of TDPSL held by them. The Commercial Court had refused to give a temporary injunction following which Kirloskar and the Trusts petitioned the HC. A single judge bench of Justice S R Krishna Kumar on July 12 granted the interim order and gave the respondents one week to file their objects and seek for vacating the interim order.

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The HC issued emergent notice to the respondents and said, «In the meanwhile, respondents nos.1 to 5 and respondent Nos.7 to 10, their agents, representatives, servants, partners, power of attorney holders and/or officers and/or anyone claiming by, through or under them from in any manner, are restrained from alienating/transferring/encumbering/dealing