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A family feud within India's Kalyani Group has escalated, with sibling rivalry between Bharat Forge Chairman Baba Kalyani and sister Sugandha Hiremath over control of Hikal. Legal battles, ownership disputes, and boardroom struggles have unfolded, shedding light on the family's complex financial legacy.
Sameer Jai Hiremath and Pallavi Anish Swadi, the nephew and niece of industrialist Baba Kalyani, have filed a petition seeking their share in the Kalyani Hindu undivided family (HUF) properties, including stakes in various listed and private companies held under the Kalyani group, says a report.
The ties between the Hiremaths and Baba Kalyani broke down over control of Kalyani Group company Hikal. The Hiremaths moved the Bombay High Court in 2023 alleging that Kalyani wasn't honouring a family arrangement he had reached with his father that pledged to transfer all the Hikal shares to them. Baba Kalyani said the family arrangement of 1994 was just a "note" by his father Neelkanth Kalyani and not a legally binding document. The case is pending in court.
Over 93% of promoter votes were cast against the resolutions ratifying the appointment of Achyut Dhadphale as non-executive non-independent director and Kshtija Wadatkar as non-executive independent director
Kalyani Investment, a co-promoter of Hikal, wrote to Sebi on 29 November that the compliance officer unfairly restricted it from buying Hikal shares at the behest of the Hiremaths