Family Feud Intensifies at Bharat Forge as Hiremaths Seek Partition Amid Kalyani Dispute

Tensions within the Kalyani family, prominent stakeholders of Bharat Forge, escalate as the Hiremaths demand a division of family assets through legal channels.

In a recent development, Sameer Jai Hiremath and Pallavi Anish Swadi, children of Sugandha Hiremath, filed a petition against Baba N. Kalyani, Amit Kalyani, Gaurishankar Kalyani, Sheetal Kalyani, Viraj Kalyani, and Sugandha Hiremath in Pune’s civil court. The petition urges the partitioning of assets and businesses held under the Kalyani Family Hindu Undivided Family (HUF), which includes substantial stakes in various large companies and significant real estate assets across Maharashtra.

The petition reveals that the Kalyani Family HUF, in addition to holding promoter stakes in Bharat Forge and other family-owned enterprises, possesses interests in numerous blue-chip firms such as Hindalco Ltd, Bajaj Auto, and Bank of Baroda. It also holds bonds of large companies and owns substantial real estate assets in Pune, Karad, and Satara districts.

Allegations by the Hiremaths suggest discrepancies in managing joint family affairs, citing differences arising due to Baba Kalyani’s purported authoritarian and non-cooperative approach. The petition calls for a stop to dealings involving Kalyani Family HUF properties and demands full disclosure of all assets held by the family entity.

While the Kalyani family has denied receiving any legal suit from the Hiremath siblings, they maintain that the allegations made are factually incorrect and lack substance.

The Hiremath siblings seek a court order for the partition of the Kalyani Family HUF, asserting their entitlement to a share of the family wealth. They invoke a section of the Hindu Succession Act, 1956, to establish themselves as rightful members (coparceners) of the HUF.

This dispute between the Hiremaths and the Kalyanis stems from disagreements over the transfer of Hikal shares, a co-promoter entity in which Kalyani entities hold a significant stake. Despite promises allegedly made in a 1994 note by Kalyani’s father, tensions have escalated, leading to legal action by the Hiremath family.

The board of Hikal also rejected a proposal to reappoint Baba Kalyani as a director, further exacerbating the rift between the two families.

As the legal battle ensues, the future trajectory of family dynamics within Bharat Forge remains uncertain, with implications for its corporate governance and shareholder interests.