Two listed firms belonging to the Baba Kalyani Group (BNK Group) have contested their inclusion as events in a go well with pertaining to household dispute over ownership of chemical agency Hikal.
The co-promoters of the corporate — Kalyani and Hiremath households — are mired in a authorized dispute, with the latter in search of switch of ownership of shares held by the BNK Group, citing practically three-decade previous household association.
An affidavit filed in reply to Hiremath’s go well with petition within the Bombay excessive court docket, BF Investment (BFIL) and Kalyani Investment Company (KICL) have acknowledged that they’re separate and distinct authorized entities and weren’t even integrated and celebration to the ‘household association’.
Last month, in an trade submitting, Hikal had disclosed that promoter Jaidev Hiremath and spouse Sugandha (Kalyani’s sister) have filed a authorized go well with in search of efficiency of household obligations.
Under this, shares of Hikal held by the BNK Group had been to be transferred to the Hiremath household as per a household association involving Baba and Sugandha’s dad and mom.
At current, KICL holds 31.36 per cent stake in Hikal, whereas BFIL holds one other 2.65 per cent, which the Hiremath household is staking declare over.
KICL and BFIL have mentioned they’ve a retail shareholder base of 20,000 and 16,000, respectively, who’ve invested in them on the premise of its belongings.
Transfer of their holdings in Hikal may adversely have an effect on these shareholders and can be gross injustice to them, they’ve additional acknowledged of their affidavit.
“Any such aid, if granted, will open the floodgates to a number of actions/litigations by the minority public shareholders of this defendant as each single commerce for the reason that inception of this defendant by each single shareholder of this defendant can be vitiated by advantage of the share worth being rendered artificially elevated retrospectively.
“The granting of any such aid by any court docket will the truth is trigger chaos within the securities market,” mentioned BFIL in its affidavit in reply.
“It is a settled legislation that the persona of the corporate should be construed separate and distinct from its shareholders/individuals by way of which such corporations act.
“In such a scenario, one can not make the businesses’ persona the identical as that of individuals concerned,” KICL has mentioned.
An e mail despatched to Hikal, BFIL and KICL didn’t elicit any response.