Hikal discloses family pact of promoters to meet Sebi norms

MUMBAI: Specialty chemicals maker Hikal on Thursday disclosed the family agreement between the company’s promoters Hiremath and Kalyani families in compliance with new disclosure requirements of the Securities and Exchange Board of India (Sebi).

Last month, Sebi made it mandatory for promoters of all listed companies to disclose to the stock exchanges all their active family settlement agreements or arrangements that have a bearing or influence on management control of the company.

According to Hikal’s disclosure, its promoters Sugandha Hiremath and Jai Hiremath, who are spouses, had entered into a family arrangement with Baba Kalyani, brother of Sugandha, in 1994.