Brothers In Apollo Tyres Conflict

In India, Narinder Jeet Kanwar has reportedly filed a petition with the Company Law Board against his elder brother, O. S. Kanwar, who is the head of Apollo Tyres. Press reports say that the petition is seeking investigation over alleged illegalities, manipulations, fraud and insider trading by O. S. Kanwar in order to acquire a controlling stake in the company. Narinder Jeet Kanwar is quoted as saying: “The affairs of the company are being conducted in a manner so as to deceive the shareholder.”

A statement issued by Apollo Tyres reads as follows: “In the context of the news reports that have appeared in the Indian media regarding Apollo Tyres, we wish to clarify that the Petition reference which is made in the report has not even been admitted by the Honorable Company Law Board’s Additional Principal Bench in Chenai and the very maintainability of the same has been challenged by the company. The matter being sub-judice, we would like to refrain from stating anything on the merits of the same.” In other words, no comment.