Baba Kalyani’s niece, nephew move court over family assets – Times of India

by The Technical Blogs


MUMBAI: Sameer Hiremath and Pallavi Swadi – grandchildren of forging industry pioneer Neelkanth Kalyani – have moved Pune civil court against their uncle and Bharat Forge chairman Baba Kalyani, seeking division of family assets. They have demanded one-ninth of the family estate including stakes in Bharat Forge and Kalyani Steel as their share.
The suit has also been filed against five other family members, including their mother Sugandha Hiremath, her brother Gaurishankar Kalyani, his children – Sheetal Kalyani & Viraj Kalyani – and Baba’s son Amit Kalyani.

Screenshot 2024-03-27 040507

While the value of the ancestral wealth, including the vast land banks the family holds in Pune, Mahabaleshwar and elsewhere in Maharashtra, couldn’t be ascertained, the market capitalisation of Kalyani Group’s listed companies is about Rs 62,834 crore. Sugandha is already in an ownership dispute with Baba over Hikal, one of the major speciality chemicals players in the country.
In their petition, Sameer (50) and Pallavi (48) said that after the death of Neelkanth’s wife in Feb 2023, Baba, “instead of giving effect to the various wishes and writings that have been executed from time to time, has in a complete volte-face refused to have any further discussions” and they apprehend that “he will take over all the assets of the Kalyani family HUF and deprive them of their shares as coparceners in the same”. Baba (75), among the country’s wealthiest, has a net worth of $4 billion, according to Forbes.
Their suit explains that the family’s wealth can be traced to their great grandfather Annappa Kalyani, an agriculturist-cum-trader. Annappa held large movable and immovable properties, which were subsequently inherited by his only child Neelkanth. In Feb 1954, Neelkanth brought all the assets (acquired and invested) under the Hindu Undivided Family (HUF) unit. When his health started to deteriorate in 2011, his oldest son Baba began to manage the affairs of the HUF. Neelkanth passed away in 2013.
Baba has led the group to greater heights, adding to the family wealth. For instance: Bharat Forge, the flagship of Kalyani Group, was founded by Neelkanth in 1966. But it is Baba who has made the auto and aerospace component maker what it is today – a company with a market value of Rs 52,636 crore.
The suit said that since all the businesses were commenced and the investments were made from the family funds, all these businesses and investments constituted the properties of the joint family and so Baba “alone does not and cannot have a right to the same”.
The suit further said that “due to the authoritarian and non-cooperative attitude of Baba in managing the affairs of the HUF, differences arose between the joint family, thereby resulting in filing of certain litigations in different courts”. In 2014, Sheetal had filed a case in the same Pune civil court against Baba demanding a share in the ancestral property. This case is pending.
The petition said Kalyani Consultants, an entity controlled by Gaurishankar, and which holds shares of Bharat Forge and other companies, should belong to the collective ownership of all coparceners and not solely to Gaurishankar and his family as the entity was formed with the joint assets of the Kalyani family. Sameer and Pallavi said the HUF has more assets than what they are aware of as transactions have happened using family funds. Therefore, all those properties, including gold and jewellery, form a part of the family estate. They want Baba to be ordered to disclose all assets of the HUF and bring them to the division.


Source link

Related Posts

Leave a Comment

Recent Posts

Pigeons swarm Las Vegas neighborhood, nesting at church Study finds adult female elk are badass and can’t be... Vacancy: some more elephants needed in the bush THE TECHNICAL BLOGS

Our Policies

Userful Links

Shop Stores

Copyright @2020  All Right Reserved - Designed and Developed by DSF SEO COMPANY