The Securities and Exchange Board of India (SEBI) informed the Securities Appellate Tribunal (SAT) that its advisory to Kirloskar Oil Engines (KOEL) was administrative in nature and, therefore, not subject to appeal.

The tribunal has granted SEBI six weeks to submit its response, with the next hearing scheduled for 7 April. SAT has also allowed KOEL the option to approach the tribunal again if there are “subsequent developments,” according to a legal representative.

KOEL had approached SAT to challenge Sebi’s advisory recommending the disclosure of a 2009 Deed of Family Settlement (DFS), which Kirloskar Brothers Limited (KBL) argues should be made public. The DFS outlines the division of ownership, management, and control of various listed and unlisted Kirloskar entities among family branches.

Both KOEL and KBL, publicly traded companies, are central to this family dispute.

Meanwhile, KBL has filed a petition seeking to intervene in SAT regarding KOEL’s appeal. If approved, KBL would have the opportunity to present its arguments in the case. A legal representative stated that the intervention petition would be addressed during the next hearing.

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