Hikal promoters, Baba Kalyani faction clash over family wealth disclosures

KICL, on the other hand, maintained its stance that Vaghul's letter was allegedly withheld by the Hiremaths with the intention of creating a false market in the securities of KICL and Hikal

Kalyani Investment Company (KICL), a Baba Kalyani group firm, and the promoters of Hikal, Sugandha, and Jai Hiremath traded fresh charges over a 2023 letter purportedly written by late banker N Vaghul on the family’s division of assets.

 

The Hiremaths said KICL failed to disclose the letter before and is now misinterpreting its contents to raise baseless claims.

 

KICL, on the other hand, maintained its stance that Vaghul’s letter was allegedly withheld by the Hiremaths with the intention to create a false market in the securities of KICL and Hikal.

 

KICL’s letter alleges that Vaghul’s 2023 correspondence refutes the existence of any family arrangement entered into by and between late founder NA Kalyani and Babasaheb Kalyani concerning Hikal shares.

 

“The reasons for denial and interpretation of late Vaghul’s letter suiting the Hiremaths is a complete afterthought. In view of the above, it is evident that the disclosures are misleading, incorrect, and further, in gross violation of the provisions of the SEBI Regulations, 2015, as amended from time to time (LODR Regulations),” said KSIL’s letter to Hikal.

 

The dispute has its roots in family agreements from 1993 and 1994, which outlined the distribution of shares in companies, including Bharat Forge, Kalyani Steel, and Kalyani Forge, as well as the transfer of Hikal shares held by Baba Kalyani to his sister Sugandha, who alleges that Baba violated these agreements and misled her about the family’s wealth.

 

“In the circumstances aforesaid, we hereby call upon you, to provide a complete, accurate and correct disclosure by taking necessary steps to disclose the enclosed letter dated 16th June, 2023, of late N Vaghul to the stock exchanges, failing which we will be constrained to take appropriate legal action against Hikal, solely at your cost and consequences,” said KSIL’s letter.