Bharat Forge's Kalyani family feud worsens, Hiremaths demand partition of family wealth
MUMBAI : Scions of the Hiremath family have moved a Pune court demanding partitioning of the entire wealth of the Kalyani Family HUF, the original joint family of the Bharat Forge group, widening what was once a family feud over shares in Hikal Ltd. The families of Bharat Forge chairman Baba N.
Kalyani and his sister Sugandha Hiremath have been locked in a battle over shares of Hikal Ltd for long. On 20 March, Sugandha's children Sameer Jai Hiremath and Pallavi Anish Swadi filed a petition against Baba Kalyani, Amit Kalyani, Gaurishankar Kalyani, Sheetal Kalyani, Viraj Kalyani and Sugandha Hiremath in the court of civil judge, senior division, Pune, demanding a partitioning of the assets and businesses under the Kalyani Family HUF, that owns significant stakes in large companies and substantial real estate assets, especially in Pune, Karad and Satara districts in Maharashtra.
The petition showed that apart from holding promoter stakes in Bharat Forge and other family-owned firms and their subsidiaries, the Kalyani Family HUF owns stakes in dozens of large bluechip firms including Hindalco Ltd, Bajaj Auto, Bank of Baroda, Kirloskar Cummins Ltd, Ceat Tyres Ltd and others. The HUF also holds bonds of large companies and owns assets in the form of large land parcels, buildings and has dozens of proprietorships.
The Hiremaths' petition said the shares of Bharat Forge Ltd, Kalyani Steels Ltd and Kalyani Consultants Pvt. Ltd have always been a part of and formed the corpus of the Kalyani Family HUF.
Moreover, the joint family holds shares in many other firms. The Hiremaths asked the court to direct the Kalyani family to stop dealing in the properties under Kalyani Family HUF and disclose all the assets held by the family
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