Hikal ownership dispute: Kalyani family spar over 1993 agreement

Baba Kalyani's sister Sugandha, husband move court against the Bharat Forge promoter for full ownership of chemical company Hikal; Kalyani points to intervening agreements and statute of limitations

The Pune-based Kalyani family, owners of Bharat Forge, rarely makes headlines. But the family, led by 74-year-old Baba Kalyani, is now witnessing an intense court battle with the patriarch’s sister Sugandha and her husband Jaidev Hiremath moving the Bombay High Court against Kalyani to take full control of chemical firm Hikal.

At present, both the families own 34 per cent stake each in Hikal and, according to the Hiremaths, Kalyani has to sell his stake in Hikal to them based on a 30-year-old family settlement.

Despite reminders, the Hiremaths contend that Kalyani did not transfer Hikal shares. Fearing that Kalyani