Hikal appoints two independent directors amid family feud

livemint.com:

New Delhi: Mumbai-based pharmaceutical and life sciences company Hikal Limited has appointed two experts -- Berjis Minoo Desai and Ramachandra Kaundinya Vinnakota – as additional directors to its board, effective 1 October. The appointment is for a tenure of five years and is currently pending approval by the company’s shareholders.

Desai and Vinnakota's appointment as independent directors was made in a board meeting earlier this month, the company said. "Their extraordinary expertise, diverse insights, and proven leadership will undoubtedly enrich our governance and bring heft to our strategic decisions, fostering our continued growth," said Jai Hiremath, founder and executive chairman.

Desai is a seasoned legal luminary and has a previous directorship record across prominent listed and non-listed public companies, while Vinnakota, a management expert in agriculture, previously acted as the CEO (Chief Executive Officer) at Advanta Ltd., Emergent Genetics India, and Cyanamid Agro. The move comes after Hiremath on 18 March 2023 filed a case with the Bombay High Court, claiming that the ‘family agreement of 1994’ to the stock exchange includes the transfer of Kalyani’s 34% equity stake in the Hikal to them.

Baba Kalyani, the owner of the Kalyani group, is the brother of Sugandha Hiremath, promoter of Hikal along with Jai Hiremath. After that, the two holding Kalyani group companies - BF Investment (BFIL) and Kalyani Investment company (KICL) - in an affidavit filed with the high court accused the Hiremath family of making “entirely inaccurate and misleading" disclosure to the bourses.