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The High Court of Karnataka has issued an interim order restraining TD Power System Ltd (TDPSL) chairman and others from transferring shares worth Rs 555 crore in the company.
The order came after Vijay Ravindra Kirloskar, chairman of Kirloskar Electric Company (KEC) and founder of TDPSL, filed a petition seeking to prevent certain individuals from selling 2.51 crore shares of TDPSL in the stock market.
The individuals involved include a family friend of Kirloskar, Mohib Nomanbhai Khericha, and Kirloskar’s nephew, Nikhil Kumar. Initially denied by the Commercial Court, the plea was escalated to the High Court, which decided to halt share transfers until the case is resolved, preserving the status quo.