MUMBAI: The family feud between the Pune-based Kayani group led by Baba Kalyani and his sister Sugandha Hiremath who controls majority in Hikal has taken a murky turn.
The Baba faction shared a letter that the late N Vaghul, ex-head of ICICI, wrote to them on the disputes over the ownership of Hikal shares between Sugandha’s husband Jai Hiremath and Surajmukhi Investment & Finance, an erstwhile subsidiary of Kalyani Steels.
Baba, the patriarch of the diversified Kalyani group led by its flagship Bharat Forge, and his sister Sugandha along her husband Jai, are embroiled in a legal battle over the ownership of Hikal (matters are pending in the Bombay High Court and a civil court in Pune). The filing to the exchanges by the Kalyani group firm Kalayni Investment says it owns close to 34% of the paid-up equity of Hikal.
Kalyani Investments, a promoter entity, informed the exchanges that the disclosures made earlier on Monday by Hikal based on the letter dated January 10, 2025, of Sugandha and Jai is incorrect. Kalyani Investment and Bharat Forge Investment hold 31.36% and 2.64% of Hikal shares, respectively, according to the exchange filing.
“We are one of the parties to the suit filed by the Hiremaths in March 2023 before the Bombay HC and are privy to the pleadings and documents relied upon by all parties. In this regard, we made requisite disclosure on March 24, 2023, clarifying our position with regard to our shareholding in Hikal. We hold shares in Hikal in its own right,” Kalyani Investments said in an exchang filing, which said it’s not party to any “purported” family settlement/arrangement.
“The alleged claim made by the Hiremaths in connection with Hikal shareholding by us is sub-judice and no reliefs have been granted so far by the HC to the Hiremaths in this matter,” the statement said. The Baba-owned company said the Hiremaths have suppressed a letter by late Vaghul dated June 16, 2023, addressed to both Baba and Sugandha.