Kirloskar Brothers probes breach of trust

Chennai, July 27 (IANS) Pune-based Kirloskar Brothers Ltd on Monday said it closed the first quarter with a profit of Rs.7.32 crore and has started a probe on breach of trust.

In a regulatory filing in BSE, the company said it had posted a net income of Rs.368.98 crore and a net profit of Rs.7.32 crore for the quarter ended June 30.

For the corresponding quarter of the previous year, the company had posted a net income of Rs.329.55 crore and a net loss of Rs.19.85 crore.

According to the company, during the quarter under review it noticed deviations from standard operating procedures. This may involve cases of breach of trust, dereliction of duty or irresponsibility in discharging duties.

A pointed and thorough investigation is under progress and the company has taken and will take stern action after ascertaining the full facts, the filing said.

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