In a move that further intensifies the ownership battle for Hikal, Pune-based Kalyani Group has accused the Hiremath family-controlled firm of making “inaccurate and misleading” disclosures to the stock exchanges.
BF Investment (BFIL) and Kalyani Investment Company (KICL), both listed companies of the Kalyani Group, informed the stock exchanges that they are not party to any family arrangement regarding shares held by them in Hikal. The shares held by them “are not subject matter of any family arrangement as alleged, or otherwise,” they said.
Refuting the disclosure made by Hikal on August 10, the company said it is not party to any family arrangement with respect to shares held by it in Hikal and those are not subject matter of any family arrangement as alleged. Further, the firms also denied the existence of a family agreement. The existence of the purported family arrangement is sub-judice as a suit is currently pending, it added.
On March 18, Hikal promoters — Jaidev Hiremath and his wife Sugandha — had filed a case against industrialist Baba Kalyani and Kalyani Group companies (BNK Group), seeking a ‘performance obligation’ as per a family arrangement and transfer of Hikal shares in favour of the Hiremath family. The case is yet to come up for hearing before the Bombay high court. Hikal, incorporated in 1988, is a pharmaceutical and chemicals company.
In their filing before the high court, the Hiremaths had sought reliefs, including transfer of shares held by the Kalyani Group’s public listed entities in Hikal to them. The suit was filed against Bharat Forge CMD Baba Kalyani and Kalyani Group companies (BNK Group) also sought “performance obligations” under an alleged family arrangement.
Later, in a limited affidavit that was filed as a reply, Baba Kalyani said that a buyback agreement signed 30 years ago is the only deal between the Hiremaths and Kalyani Group, and the alleged family arrangement of 1994 was “merely a note” by Baba Kalyani’s father Neelkanth Kalyani. No agreement was reached in 1994 regarding the transfer of shares of Hikal to the Hiremaths at all, it said, adding, Kalyani Group and Hiremaths were to be always co-promoters of Hikal.
Further, the lawsuit by the Hiremaths is to prevent Kalyani Group firms from acquiring further shares in Hikal, the affidavit said.
The affidavit stated that the Hiremaths’ lawsuit was based on “wrong and false” claims and it should be dismissed. Further, it also raised questions on why the Hiremaths had not raised any dispute in the past three decades.