Hiremaths move Bombay HC against Baba Kalyani over Hikal share transfer

In a brewing feud between the Hiremath and the Kalyani Families of Pune, Jaidev and Sugandha Hiremath, co-promoters of Hikal, have approached the Bombay High Court against Baba Kalyani.

The Hiremaths are seeking a ‘performance obligation’ as per the family arrangement to transfer the share of the speciality chemical company in favour of the Hiremath family. Sugandha Hiremath is a sister of Bharat Forge promoter Baba Kalyani.

“The Hiremath family is seeking specific performance of obligations cast on BNK (Babasaheb Kalyani) pursuant to a family arrangement entered between BNK and his parents, whereby the shares of the company (Hikal) held by KICL (Kalyani Investment Company) and BFIL (BF Investment), both of which are under the ownership and control of the BNK Group, were required to be transferred to the Hiremath family,” said Hika in its exchange filing.


Currently, as per the stock exchange filing, the Hiremath family and the Kalyani family own about 35% and 34%, respectively, in Hikal. In its plea, the Hiremath family is now seeking the high court’s intervention to restrain the BNK group (Kalyani family) from selling, transferring, or disposing of the shares of Hikal to any third party.

“There are no monetary claims against the company in the above-mentioned suit. In view thereof, the company does not expect any financial implications arising due to compensation, penalty etc. in relation to the abovementioned suit,” said Hikal in its stock exchange filing.