The document reveals a will registered by Baba Kalyani’s late mother, Sulochana Kalyani, in which she gifted much of the family wealth to her younger son, Gaurishankar Kalyani. This is in sharp contrast with Baba Kalyani’s claims over the family wealth.
This marks a new turn in the family dispute, which so far has been primarily between Sugandha Hiremath and her family on one side and Baba Kalyani and Gaurishankar Kalyani’s families on the other.
The affidavit, a copy of whichMint has reviewed, also alleges that Baba Kalyani took away a large number of assets from his ageing father, Neelkanth Kalyani, in the 1990s and instigated Sulochana Kalyani to file cases against Gaurishankar Kalyani and family.
The affidavit, filed in a Pune court by Sulochana Kalyani in December 2022, three months before she passed, states that between 1992 and 1994, Baba Kalyani took control of several family-run companies, including Bharat Forge and Kalyani Steels Ltd from NeelkanthKalyani.
This, the affidavit states, made Neelkanth and Sulochana Kalyani decide to give control of the Hiremath family-promoted pharmaceutical firm Hikal Ltd—which is at the centre of the Kalyani family dispute—to their daughter Sugandha Hiremath.
Then in 2007, Baba Kalyani’s parents decided to gift certain assets of the family trusts to Gaurishankar Kalyani and his family, the affidavit states.
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“Only Gaurishankar had not received any of the family or HUF (Hindu Undivided Family) assets till then. So, to safeguard Gaurishankar and his family, my husband (Neelkanth Kalyani) wished to give his remaining assets to Gaurishankar,” states the affidavit, adding that Gaurishankar and his wife Rohini Kalyani had been taking care of Sulochana and Neelkanth Kalyani since 1994.
As per Sulochana Kalyani’s will, immovable assets gifted to Gaurishankar include two plots at Panchgani, Mahabaleshwar (that belonged to Neelkanth and Sulochana Kalyani); a building named Parvati Nivas’s share of Kalyani (HUF) at Kalyani Nagar, Pune; a 14.97-acre land parcel in Karad, Satara district; another 3.57-acre land at Karad; a 952 sq.m. plot at Kalyani Nagar, Pune; and another land at Karad opposite a place called Bail Bazar in Satara.
Emails sent to Baba Kalyani, Gaurishankar Kalyani’s wife Rohini and her son Viraj Kalyani, and Sugandha Hiremath remained unanswered.
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The third factor: Gaurishankar Kalyani
The Kalyani family dispute began last year after Baba Kalyani refused to give up his shares in Hikal to his sister Sugandha Hiremath.
The dispute later expanded to claims by the two families over the multi-billion dollar assets owned by the Kalyani family and assets in companies including Bharat Forge, Kalyani Steel, BF Investments, BF Utilities, Kalyani Investments, and Automotive Axles, whose collective market cap is over ₹91,000 crore, or about $10.8 billion.
Earlier this year, on 8 February, Madan Umakant Takale, the executor of the Hiremath family’s will, and one Shrikrishna Kiran Adivarekar moved a Pune court for probate of Sulochana Kalyani’s will and a testament dated 27 January, 2012, which allegedly favoured Baba Kalyani.
Adivarekar is an independent director at several Kalyani group companies, including Hikal and Kalyani Steels. Probate refers to the legal process of administering the estate of a deceased person, including distributing assets and paying liabilities.
Also read | Inside the ₹1,300 cr spat between billionaire Baba Kalyani and his sister
While the court decided to hear this probate application case on 9 October, on 15 July, Gaurishankar Kalyani filed an affidavit opposing the 2012 will.
Gaurishankar Kalyani urged the court not to entertain the application filed in February, stating that the 2012 will had been obtained under “coercion, undue influence and/or importunity”.
In his affidavit, Gaurishankar submitted that Baba Kalyani had taken undue advantage of his mother and allegedly caused her to file litigations against Gaurishankar and his family.
Gaurishankar owns a 2.67% stake in Bharat Forge through 10 privately held companies including Jannhavi Investment, Yusmarg Investment, and Dandakaranya Investment.
After Gaurishankar Kalyani’s July affidavit contesting the 2012 will, Sulochana Kalyani’s December 2022 will gifting assets to Gaurishankar Kalyani has come to the fore.
After this, on 3 August, Gaurishankar Kalyani’s son Viraj Kalyani also moved the Pune court for probate of Sulochana Kalyani’s will mentioned in the December 2022 affidavit.
The Pune court has decided to hear on Viraj Kalyani’s matter on 23 September.