A Karnataka commercial court has dismissed Vijay Kirloskar’s plea for a temporary injunction against TD Power Systems’ promoters from transferring shares worth Rs 555 crore. Kirloskar, Chairman of Kirloskar Electric Company, had sought the injunction, alleging the transfer of his shares to Mohib Khericha in 2001 without receiving consideration. In July, Karnataka High Court temporarily restrained TD Power Systems’ chairman, Kirloskar’s nephew, from dealing with the shares. Kirloskar had previously lodged a complaint with SEBI over compliance disclosures. Corporate governance concerns at TD Power Systems were also raised by proxy firm InGovern Research Services.