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Sibling feud in Apollo Tyres; O.S. Kanwar accused of fraud

Sibling feud in Apollo Tyres; O.S. Kanwar accused of fraud
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First Published: Sun, Nov 04 2007. 02 02 PM IST
Updated: Sun, Nov 04 2007. 02 02 PM IST
PTI
New Delhi: Within days of Bajaj siblings hitting the headlines, a battle in another corporate house has come to the fore with Narinder Jeet Kanwar approaching the Company Law Board against his elder brother and Apollo Tyres chief, O.S. Kanwar.
In a petition filed at the Southern Bench of the Company Law Board in Chennai, Narinder sought investigation over alleged manipulations, fraud and insider trading by his brother to acquire a controlling stake in the company.
“The affairs of the company are being conducted in a manner so as to deceive the shareholder and the funds of the company are being utilised for ulterior and illegal purpose to make investment in such a manner that the control of Apollo Tyres is concentrated in few hands —O.S. Kanwar and his family members,” he alleged.
The petition, filed through senior advocates U.K. Chaudhary and Saurabh Kalia, alleged O.S. Kanwar of “committing illegalities and fraud upon the shareholders and the company by indulging in insider trading through various companies who are the shareholders of Apollo Tyres without having any business.”
The Southern Bench of the CLB headed by its vice-chairman K.K. Balu had admitted the petition last week. O.S. Kanwar has also filed an application before the board challenging maintainability of the application through counsels N. Bhalla and S. Sarkar.
The board has directed other respondents in the case, including Apollo Tyres chief operating officer Neeraj Kanwar and director Raaj Kanwar — son of OS Kanwar — to file their replies by January next year.
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First Published: Sun, Nov 04 2007. 02 02 PM IST