Hikal promoter Sugandha Hiremath, who is embroiled in a bitter legal war with her brother and Bharat Forge CMD Baba Kalyani, said their mother had revoked all powers vested with Kalyani.

On March 18, the promoters of Hikal — Jaidev Hiremath and his wife Sugandha Hiremath — had filed a case against Baba Kalyani and Kalyani Group companies, also known as BNK Group. The Hiremaths had sought a ‘performance obligation’ as per the family arrangement and transfer of Hikal shares in favour of the Hiremath family.

The Bombay High Court is set to hear the case on Friday.

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According to a letter written by Hiremath to Kalyani before the filing of the case, the powers were revoked in an affidavit filed by their mother Sulochana Kalyani (who passed away on February 25 this year) shortly before her death. She had also expressed her desire to “amicably resolve all issues” in the letter.

“On account, however, of your continued reluctance to perform any obligations thereunder, mommy had very recently and too shortly before her sad demise filed a detailed affidavit castigating your actions and revoking all powers that were vested by her in you,” according to the letter.

“In this affidavit, she once again reiterated that it was always that Hikal shares were to come to me,” according to the March 16 letter, which is now part of the court documents.

In the letter, Sugandha Hiremath had also alleged Baba Kalyani of not completing his obligation to transfer Hikal shareholding to her but kept on reassuring of finding a way of doing the same.

“I verily relied on your assurances and since this was a family matter did not take precipitative action so as not to bring any grief to our parents. Little did I know or anticipate that my own flesh and blood, who has much more than anyone can imagine, will attempt to somehow find ways to deprive me of what is rightfully mine,” she added.

The letter also mentions that Sugandha Hiremath was in receipt of notices dated March 13, 2023, for application for pre-dealing approvals in securities of Hikal issued by Kalyani Group companies – Kalyani Investment and BF Investment.

Hiremath also said she was not only “surprised but also extremely anguished and disheartened” by the letters.

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“You are aware that pursuant to the family agreements of 1993 and 1994 entered, into between daddy and yourself, the Hikal shareholding held by Kalyani Group was to be transferred back to me, my family or nominees.”

In her letter, Sugandha Hiremath also stated that wiser counsel will prevail and the matter need not be precipitated further. “As mentioned to you in the recent past, I am always available to meet you with a view to amicably resolve all issues,” it said.

In a separate letter on April 4, Hikal chairman Jaidev Hiremath had assured the management of the life sciences and agrochemical firm that the long-term opportunities were “promising”, despite the ongoing legal dispute regarding its ownership.

“We shall emerge stronger and more resilient than ever before, as we continue to work together,” he had said.