The promoters of pharmaceutical company Hikal, Jaidev Hiremath and Sugandha Hiremath, filed a case against Baba Kalyani and Kalyani Group companies, also known as BNK Group, in the Bombay High Court on March 18.

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Hikal is a provider of life sciences value chain solutions to pharma and chemical businesses.

Hiremath family has sought “specific performance of obligations cast on BNK after a family arrangement” under the Specific Relief Act, 1963.

In a filing shared with the stock exchanges on March 23, Hikal said under the family arrangement entered between Babasaheb N Kalyani (BNK) and his parents, the shares of the company held by Kalyani Investment Co Ltd (KICL) and BF Investment Limited (BFIL), both under the ownership and control of BNK Group, were required to be transferred to the Hiremath family.

It must be noted that the Hiremaths have filed the suit against Babasaheb N Kalyani (BNK), Chairman and Managing Director of Bharat Forge Limited (also the brother of Sugandha Hiremath), Kalyani Investment Company Limited and BF Investment Limited (which hold 31.36 percent shares and 2.65 percent shares in Hikal and form a part of the promoter group of the firm), Amit Kalyani (son of Babasaheb Kalyani, and Chairman of KICL and BFIL), Gaurishankar Kalyani, his wife Rohini Kalyani and Hikal itself.

Hiremath family has also sought relief to restrain the BNK Group from acting in furtherance of the applications for pre-dealing approval dated March 13, 2023.

“There are no monetary claims against the Company in the above-mentioned Suit. In view thereof, the Company does not expect any financial implications arising due to compensation, penalty etc. in relation to the abovementioned Suit,” Hikal said.

Meanwhile, earlier in December 2022, Hikal's Founder and Executive Chairman, Jai Hiremath, purchased equity shares of Hikal worth Rs 19 million at an average value of Rs 351 per equity share, a Simply WallSt report has said. This purchase was termed the ‘biggest insider purchase’ of Hikal’s shares in the past year.

On March 22, Hikal shares ended the day almost a percent lower at Rs 305.10 on BSE.

(Edited by : Pradeep John)