Jai and Sugandha Hiremath, promoters of Hikal, have unveiled details of a long-standing family arrangement involving the Kalyani family. The disclosure was made in a stock exchange filing under Sebi’s Listing Obligations and Disclosure Requirements (LODR) Regulations, following a recent Sebi clarification on the need to disclose family agreements still in effect.
In their communication, the Hiremaths provided copies of the Deeds of Family Arrangement from 1993 and 1994. These documents, along with an explanatory letter, were shared with Hikal’s company secretary, emphasising compliance with Sebi regulations. The filings followed earlier announcements in March and August 2023.
The disclosure stems from a December 30, 2024, Sebi clarification mandating the disclosure of family agreements affecting listed entities, even if the entity itself is not a party to the agreement.
The Hiremaths have initiated a civil suit in the Bombay High Court, seeking enforcement of obligations under these agreements. They allege that Baba Kalyani, chairman and managing director of Bharat Forge and Sugandha Hiremath’s brother, has failed to honor commitments regarding the transfer of Hikal shares.
Key documents disclosed include a 1993 Memorandum of Understanding (MoU) between Neelkanth Kalyani and Baba Kalyani and a 2012 letter from N Vaghul, former chairman of ICICI, referencing a 1994 meeting that formalised the agreements. The family arrangement involved the distribution of shares in Bharat Forge, Kalyani Steel, and Kalyani Forge, as well as the transfer of Hikal shares from Baba Kalyani’s entities to the Hiremaths.
The filings reveal that Kalyani Investment Company and BF Investment – chaired by Amit Kalyani, Baba Kalyani’s son – hold 31.36% and 2.65% stakes in Hikal, respectively. According to the Hiremaths, these shares were meant to be transferred to their family under the agreements.
In addition, Sugandha Hiremath has filed a case in Pune court seeking a one-third share of the Kalyani family wealth. The Hiremaths allege that Baba Kalyani has partially implemented the agreements to his benefit while failing to fulfill other obligations.
» Read More
