MUMBAI: As Bharat Forge CMD Baba Kalyani and his sister, Sugandha Hiremath, struggle over the life of a ‘family association’ which is important to the possession dispute in Hikal, every other thing of the percent related to more youthful brother, Gaurishankar, has come to light.
According to a clause within the own family arrangement inked between Baba and his mother and father on June 19, 1994, Gaurishankar, who owns almost 3% in Bharat Forge, is needed to switch his stake to his older brother after the dying of their parents. Their father, Neelkanth Kalyani, died in 2013, even as their mother, Sulochana Kalyani, exceeded away on February 25, 2023. The three% stake in Bharat Forge is worth Rs 1,three hundred crore.
The clause bureaucracy a part of the wider circle of relatives association that also calls for Baba to transfer his entire 34% stake in Hikal to his sister, who’s the non-govt director of the prescribed drugs and chemicals organization. Baba owns the Hikal stake thru the publicly-indexed Kalyani Investment and BF Investment.
With Baba denying the existence of such a circle of relatives arrangement, Gaurishankar’s three% stake in Bharat Forge has come under the highlight. Baba may also lose this stake in his flagship, which has a marketplace capitalisation of extra than Rs forty seven,567 crore.
In an August 12 stock change disclosure, Kalyani Investment and BF Investment stated the Hikal stocks they maintain “aren’t the problem count number of any circle of relatives arrangement as alleged”. “We collect from the written assertion submitted through Baba Kalyani with the Bombay HC with regards to the match filed by Sugandha Hiremath that he has denied the life of the so-referred to as own family settlement.”
The two firms stated the fit is pending and as a consequence, the life of the purported own family association is an issue that’s sub-judice. Gaurishankar owns a 2.67% stake in Bharat Forge via 10 privately held businesses like Jannhavi Investment, Yusmarg Investment, and Dandakaranya Investment.
Emails sent to Baba and Rohini Kalyani, spouse of Gaurishankar, in search of feedback failed to elicit any reaction until the time of going to press.