In the opening proceedings of a civil case on Monday, Bharat Forge chairman Baba Kalyani found himself at the centre of legal scrutiny. The lawsuit, filed by his nephew and niece, Sameer Jai Hiremath and Pallavi Swadi, seeks division of assets within the Kalyani Hindu Undivided Family (HUF). The duo, aiming for a 1/9th share in all assets, petitioned the Pune Civil Court to freeze the HUF’s assets, valued at a staggering Rs 65,000-70,000 crore.
Hiremath has also requested an updated list of assets and joint family properties in the Kalyani HUF, of which Baba Kalyani is the Karta. The legal team representing Kalyani has requested an extension until May 9 to file their reply and urged the court to withhold any decisions until they have had the opportunity to respond.
The siblings have petitioned the civil judge, Senior Division Pune, to halt Baba Kalyani and other senior members of the family from disposing of properties. They are requesting Baba Kalyani to disclose all assets accumulated over the years using the family’s initial capital.
The assets include a significant portion of the listed companies within the Kalyani Group, along with shares in various listed and unlisted entities, as well as movable and immovable properties.
In their lawsuit, the siblings have requested a temporary injunction order to restrain the defendants from engaging in any actions involving the properties of the HUF, including but not limited to sales, transfers, relinquishments of possession, encumbrances, or the creation of third-party rights.
The suit also argues before the court that “pending the hearing and final disposal of this suit, it is just and expedient to appoint a court receiver to safeguard the properties, which are admittedly large in number, of the HUF”.
The counsel for the siblings, advocate Shailendra Aglawe, filed an application for interim relief.
The application asserted that the defendants had received suit summons and notices but were delaying the submission of their written statement, for reasons known only to them, as per the counsel’s statement. It further noted the possibility that the defendants might exploit the summer break to dispose of HUF assets. Thus, it urged the defendants to be restrained from any dealings with the assets.
The defendants informed the court that they would submit their reply by May 9, 2024.
