Promoters of speciality chemical firm Hikal, Jaidev Hiremath and Sugandha Hiremath, have filed a suit in the Bombay High Court against the BNK Group seeking “performance of obligations cast on BNK after family arrangement”. Baba Kalyani and Kalyani Group companies are the BNK Group.
Sugandha Hiremath, a promoter of Hikal, is the sister of Baba Kalyani, the chairman and managing director of Bharat Forge. In a filing with the stock exchanges on Thursday, Hikal said: “The Hiremath Family is seeking specific performance of obligations cast on BNK pursuant to a family arrangement entered between BNK and his parents, whereby the shares of the company held by KICL and BFIL, both of which are under the ownership and control of the BNK Group, were required to be transferred to the Hiremath Family.”
“There are no monetary claims against the company in the above-mentioned suit. In view thereof, the company does not expect any financial implications arising due to compensation, penalty etc. in relation to the abovementioned suit,” Hikal added. The case was filed on March 18.
Hikal is a provider of life sciences value chain solutions to pharma and chemical businesses. The Hiremath family has sought “specific performance of obligations cast on BNK after a family arrangement” under the Specific Relief Act, 1963.
In the filing, Hikal said under the family arrangement entered between Babasaheb N Kalyani and his parents, the shares of the company held by Kalyani Investment (KICL) and BF Investment (BFIL), both under the ownership and control of BNK Group, were required to be transferred to the Hiremath family. KICL and BFIL hold 31.36% and 2.65% shares in Hikal and form a part of the promoter group of the firm.
The Hiremaths have filed the suit against Babasaheb N Kalyani (BNK), Amit Kalyani (the son of Babasaheb Kalyani, and chairman of KICL and BFIL), Gaurishankar Kalyani, his wife Rohini Kalyani, and Hikal itself. The Hiremath family has also sought relief to restrain the BNK Group from acting in furtherance of the applications for pre-dealing approval dated March 13, 2023.
On March 23, Hikal shares ended the day almost 1% lower at `306.70 on the BSE.