Vijay Kirloskar complains to exchanges about 'suppression of facts' by TD Power
Vijay Kirloskar, the founding director and a large shareholder of Bengaluru-based engineering services company TD Power Systems (TDPS), has lodged a complaint with the stock exchanges, accusing the company of omitting and suppressing material facts in the financial results for the quarter ending December 2023.
In a letter dated February 3, 2024, Vijay Kirloskar, who also serves as the chairman of Bengaluru-based Kirloskar Electric Company, urged the bourses to acknowledge that the company's disclosure on February 1, 2024, stating there is no action initiated by Kirloskar against TDPS is «entirely factually incorrect, a misstatement and a deliberate suppression of vital information» intended to mislead TDPS shareholders.
Kirloskar was referring to the appeal filed by him against TDPS in the Karnataka High Court on November 22, 2023, against an earlier order, which, as per the stock exchange filing, has not been disclosed by the company.
The company, in its quarterly results, said the original suit has no material impact on the financial results of the company since no relief has been claimed against the company, which is a dispute between Vijay Kirloskar and certain trusts and promoter shareholders of the company.
Vijay Kirloskar emphasised that such a statement could not have been made, especially considering that both the chairman and managing director of TDPS were well aware of the commercial appeal filed by him and his trusts on or before January 31, 2024. This awareness was heightened by the signing and
