Gurgaon, India -Â Apollo Tyres has responded to allegations that brothers in the controlling Kanwar family have issued lawsuits against each other.
The company said all matters are sub-judice, therefore the company can make no comment.
The Economic Times of India reported that "Narinder Jeet Kanwar has approached the Company Law Board against his elder brother and Apollo Tyres chief O S Kanwar." The newspaper continued, "In a petition filed at the Southern Bench of CLB in Chennai, Narinder sought investigation over alleged manipulations, fraud and insider trading by his brother to acquire a controlling stake in the company."
In a prepared statement, Apollo said, "we wish to clarify that the Petition reference which is made in the report has not even been admitted by the Hon Company Law Board's Additional Principal Bench in Chennai."
The Economic Times said, "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. "
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
Kanwar tiff reaches law board Calcutta Telegraph (India)
Sibling feud in Apollo Tyres; O S Kanwar accused of fraud Economic Times (India)