Nephew and niece sue Baba Kalyani for share in family assets

Anew lawsuit has been brought against industrialist Baba Kalyani, as his nephew and niece move to claim shares in the assets of the Kalyani family.

The lawsuit targets a partition of family assets, including stakes in various listed and private companies held under the umbrella of the Kalyani Group.

The nephew and niece — Sameer Jai Hiremath and Pallavi Anish Swadi, respectively — allege that Baba Kalyani has been exclusively benefiting from the family assets without accounting for their entitled share. Their claim is rooted in the assertion that they possess a stake in the Kalyani Hindu Undivided Family (HUF) assets. They further assert that Baba Kalyani has not been transparent about the status and management of these assets within the HUF.

A spokesperson for the Kalyani Group said, “We are in receipt of your email query. We have not been duly served any alleged suit as yet. It is therefore premature on our part to comment on any assertions/ allegations made therein on us. The allegations which have been referred are factually incorrect, misconceived and is a malicious attempt with ulterior motives. Various assertions made contradict the petitioner family’s stance in other legal proceedings and are devoid of any locus standi.’

In the petition, the duo sought that the court should instruct the defendants — Baba Kalyani, Amit Kalyani, Gaurishankar N. Kalyani, Sheetal Gaurishankar Kalyani, Viraj Gaurishankar Kalyani, and Sugandha Jai Hiremath — to give the plaintiffs their share of the Kalyani Family HUF properties they currently possess. If dividing the properties isn’t possible, the court may order a sale to ensure the plaintiffs receive their share.

The legal proceedings initiated by the duo highlight the lineage of these assets, tracing back to the origin of businesses and investments under the leadership of Annappa Kalyani, the patriarch of the joint family. According to the plaintiffs, all businesses and investments stemming from the joint family’s nucleus are considered communal properties.

Key among the assets in dispute are shares in numerous listed companies and privately held enterprises, which collectively hold substantial interests in various sectors under the Kalyani Group.

the petition further seeks a full accounting of the title documents and relevant books of accounts pertaining to all immovable/movable assets set out in Annexure B and E hereto; (ii) other immovable properties owned and controlled by the Defendants which have been purchased using joint family funds and are therefore the property presently of the form Kalyani a part Family of HUF but which do not Annexure E; (iii) all movable properties including gold and jewelry, cash in hand, bank accounts, fixed deposits, shares, provident funds and all other investments and movable properties owned and controlled by the Defendants but purchased using joint family funds, therefore making it property of the Kalyani Family HUF but which do not presently form a part of Annexure A or B.

As per Annexure A of the filling.
Details of businesses and investments initiated by Shri Annappa Kalyani and/or Dr. Neelkanth Kalyani from the nucleus of the Joint Family
Sr.No. Particulars
1 Name of Company No. of shares
a. Hindustan Aluminium Corporation Limited(HINDALCO). 5
b. Bajaj Auto Limited 5
C. Madras Aluminium Corporation Limited 32
d. International Tractor Company Limited 151 PreferenceShare
e. Tata Engineering and Locomotive CompanyLimited 1 PreferenceShare8 Con D
f. The Bank of Baroda Limited 12
g. The Bank of Karad Limited 50
h. The United Commercial Bank Limited 8
i. The United Western Bank Limited 400
j. Bagalkot Udyog Limited 1067
k. Chemicals and Fibers India Limited 107
1. Indian Dye Stuff Industries Limited 30
m. Glaxo Laboratories India Limited 170
n. Bharat Forge Company Ltd. 43,900
o. Hindustan Gears Private Limited 50
p. Indian Standard Wagon Limited 250
q. Kirloskar Cummins Limited 45
r. Kirloskar Pneumatic Company Limited 3370
S. Mahindra Ugine Steel Co. Ltd. 100
t. Raymon Engineering Company Limited 500
u. Shivaji Works Limited 1317
V. Structural Engineering Works Limited 38
W. Wodcombers of India Limited 29
X. Firth (India) Steel Ltd. 500
y. Avery India Limited 100
z. Precision Tooling Systems Limited 1000
aa. Burmah Mines Ltd 100
bb. Poona Industrial Hotel Limited 10
cc. Western India Erectors Limited 1000
dd. British Burmah Petroleum Limited 100
ee. South India Viscose Limited 50
ff. Century Enka Limited 1
gg. CEAT Tyres Limited 85
hh. Premier Tires Limited 50
ii. Synthetic and Chemicals Limited 12
jj. Century Spinning and Manufacturing and CompanyLimited 18
kk. Kohinoor Mills Limited 1
11. Laxmi Starch Limited 11
mm. Kirloskar Consultants Limited 570
nn. Image Advertising and Marketing Private Limited 500
00. Jayant Vitamins Limited 500
2 Parcel of land bearing old Survey No. 221D and newSurvey No. 221-A.B.C.D/1 admeasuring about 74,460square feet (6,924.74 square metres) situated atYerawada, Pune, i.e., the Yerawada Pune Plot andbuilding thereon known as ‘Parwati Niwas’.Note: Although this property has been dealt withthrough Gift Deeds, a Memorandum of Understandingand a Deed of Sale, all these transactions have beenchallenged and currently remain sub-judice. However,the Plaintiff submits that the property remains a part ofthe NAK HUF.
3 Kalyani Steels Limited. 20,500 equityshares
4 a. Kalyani Buildings at Karad Rs. 2,26,000/-b. House at Kole Rs. 31,000/-C. 7,500 equity shares of Kirloskar Tractors Limited@ Rs. 8.75 each Rs. 65,625/-d. 1,499 equity shares of Kirloskar EngineeringServices Pvt. Ltd. @ Rs. 14.63 each less 15%18,640/-e. Shares of Joint Stock Companies and Co-operativeInstitutes Rs. 58,254/-f. The Shares of Joint Stock Companies being themarket value of 4% non-Cumulative RedeemablePreference Shares of:i. Sadguru Investments & Trading Co. Ltd. -25,000/-ii. Shailendra Investments & Trading Company -25,000iii. Koyana Investments & Trading Company -25,000/-iv. Ajinkya Investments & Trading Company -25,000/-V. Kalyani Consultant Private Ltd. – 1 PreferenceShare – 10 Cooperative Institute Sharesg. Bonds and Securities of Rs. 95,500/-
5 Immovable Properties:a. Plot No. 10/11 at Panchgani, TakulaMahabaleshwar, Dist. Satara at Panchgani Co-op.Society.
b. Plot No. 6B at Panchgani, Takula Mahabaleshwar,Dist. Satara at Panchgani Co-op. Society.
C. Plot No. 221 ABCD/1 Parvati Nivas of N.A.Kalyani (HUF) at Kalyani Nagar.
d. Land at Kalawade, Tal. Karad, Dist. Sataraadmeasuring 14.97 Acre.
e. Land at Wathar, Tal. Karad, Dist. Sataraadmeasuring 3.57 Acre.
f. Plot No. 1B at Kalyani Nagar, 221 ABCD/1admeasuring 952 sq. meter.
g. Land at Karad F. P. No. 397 opposite to Bail Bazar
6 a. Land bearing Survey No. [*] situated at VillageOgalewadi Taluka – Karad District – Satara
b. Land bearing [*] situated at Village Bonderwadi,Taluka – Karad District – Satara
C. Land at Karad purchased from Narsinh Deo -Karad, admeasuring 1 H. 98 R. within theMunicipal limits of Karad bearing final plot no.397.
d. Land admeasuring about 1 H 43 R bearing its GatNo. 1301 situated at Mouje Wathar, Taluka Karad,District Satara
e. Land admeasuring about 5 H 92 R bearing its GatNo. 295 situated at Mouje Kalwade, Taluka Karad,District Satara.
7 Movable Properties:Shares of the following companies holding equityshares of Bharat Forge Limited:i. Kalyani Consultants Pvt. Ltd.ii. Janhavi Investments Pvt. Ltd.iii. Rajgad Trading Co Pvt. Ltd.iv. Yusmarg Investment & Trading Co Pvt. Ltd.V. Tanmarg Investment & Trading Co Pvt. Ltd.vi. Dandkaranya Investment & Trading Co Pvt. Ltd.vii. Hastinapur Investment & Trading Co Pvt. Ltd.viii. Campanula Investment and Finance Pvt. Ltd.ix. Cornflower Investment and Finance Pvt. Ltd.X. Dronacharya Investment & Trading Pvt. Ltd.
Shares of the following companies holding equityshares of Kalyani Forge Limited:
i. Kalyani Consultants Pvt. Ltd.
ii. Agasti Investment & Trading Co Pvt. Ltd.
iii. Bellona Investment Pvt. Ltd.
iv. Attilla Investment Pvt. Ltd.
V. Pax Investment Pvt. Ltd.
vi. Vikat Investment Pvt. Ltd.
vii. Sukhakarta Investment Pvt. Ltd.
viii. Dukhaharta Investment Pvt. Ltd.
ix. Squirrel Financers & Investors Pvt. Ltd.
X. Monte Carlo Investment Pvt. Ltd.
xi. Vakratunda Investment Pvt. Ltd.
8 Savings Bank Account Nos. 49010010200175 and49010010200176 of IDBI Bank, Tilak Road Branch,Pune
9 Fixed Deposits with IDBI Bank, Pune
10 Shares and Investments in various Private and PublicLimited Companies
11 Savings Bank Account No. 00071000221143 of HDFCBank, Bhandarkar Road Branch, Pune
12 N. S. Trust
13 Companies under N.S. Trust
a. Takwe Investment & Trading Co.
b. Mogra Investment Co. Private Limited
C. Takle Investment Co.
d. Mallikarjun Poultry & Agro Enterprises PrivateLimited
e. Hattarki Investment Co. Private Limited
f. Vasantgad Investment & Trading Co.
g. Brahaspathi Agricultural Poultry
h. Shevanti Investment Co. Limited
i. Kole Investment & Trading Co.
14 Kalyani Cleantech Private Limited
15 Kalyani Forge Limited
16 Bharat Forge Limited
17 Bharat Forge Kilsta
18 Bharat Forge CDP
19 Bharat Forge Aluminiumtechnik
20 Kalyani Strategic Systems Ltd.
21 Kalyani Rafael Advanced Systems
22 Kalyani Steels Limited
23 Kalyani Consultants Private Limited
24 Kalyani Capital Financial Investments Pvt. Ltd.
25 Kalyani Exports and Investments Pvt. Ltd.
26 Sharp India Ltd.
27 Hospet Steel Limited
28 Kalyani Carpenter Special Steels Ltd.
29 Kalyani Technoforge Limited
30 Automotive Axles Limited
31 Kalyani Global Engineering Private Limited
32 Kalyani Maxion Wheels Ltd.
33 Baramati Speciality Steels Ltd.
34 Synise Technologies Ltd.
Movable Properties /Assets held by the Kalyani Family HUF (Annexxure B)
Particulars
List of Investments in equity/units
Bharat Forge Ltd. —- 32,669 shares
Kirloskar Electrodyne Ltd. — 64,800 shares
ICICI—2 Bonds
2. | Various Bank accounts having a total of approximately Rs. 7,58,049.24.
3. | List of Family Companies Holding Equity Shares of Bharat Forge Limited in 1994:
i. Kalyani Consultants Pvt. Ltd. Janhavi Investments Pvt. Ltd. Rajgad Trading Co Pvt. Ltd.
ii. Janhavi Investments Pvt. Ltd.
Iii. Rajgad Trading Co Pvt. Ltd.
iv. Yusmarg Investment & Trading Co Pvt. Ltd.
v. Tanmarg Investment & Trading Co Pvt. Ltd.
vi.Dandkaranya Investment & Trading Co Pvt. Ltd.
vii. Hastinapur Investment & Trading Co Pvt. Ltd.
viii. Campanula Investment and Finance Pvt Ltd
ix: Cornflower Investment and Finance Pvt. Ltd.
x: Dronacharya Investment & Trading Pvt. Ltd.
List of Family Companies holding equity shares of Kalyani Forge Limited
i. Kalyani Consultants Pvt. Ltd.
ii. Agasti Investment & Trading Co Pvt. Ltd.|
iii. Bellona Investment Pvt. Ltd.
iv. Atila Investment Pvt. Ltd.
v. Pax Investment Pvt. Ltd.
vi. Vikat Investment Pvt. Ltd.
vii. Sukhakarta Investment Pvt. Ltd.
viii. Investment Pvt. Ltd. Squirrel Financers & Investors Pvt. Ltd.
ix. Monte Carlo Investment Pvt. Ltd.
x. Vakratunda Investment Pvt. Ltd.
|Yusmarg Investment & Trading Co Pvt. Ltd. Tanmarg Investment & Trading Co Pvt. Ltd. Dandkaranya Investment & Trading Co Pvt. Ltd. Hastinapur Investment & Trading Co Pvt. Ltd. Campanula Investment and Finance Pvt. Ltd. Cornflower Investment and Finance Pvt. Ltd.
Dronacharya Investment & Trading Pvt. Ltd.
5. | 20,500 equity shares of Kalyani Steels Limited
| 6. | Companies under N. S. Trust [Possibly accountefdor in Annexure [*|
a. Takwe Investment & Trading Co.
b. Mogra Investment Co. Private Limited
c. Takle Investment Co.
d. Mallikarjun Poultry & Agro Enterprises Private Limited
e. Hattarki Investment Co. Private Limited
f. Vasantgad Investment & Trading Co.
g. Brahaspathi Agricultural Poultry
h. Shevanti Investment Co. Limited
i. Kole Investment & Trading Co.
7. Kalyani Cleantech Private Limited
Kalyani Forge Limited
9. Kalyani Consultants Private Limited
Immovable Properties held by the Kalyani Family HUF (Annexure E)
Sr. Particulars No.
1. | Plot No. 1-A Survey No. 221/ABCD, Kalyani Nagar, Pune admeasuring 2169.90 mts.
2. | Building at 240-F, Shaniwar Peth, Karad
3. | House at village Kole bearing G.P. No. 105 (at Naveghar)
4. | Shed at village Kole along with open land bearing G P No. 185 [
5. | Plot at village Kole, Opposite Ghadghenath Mandir bearing GP No. 75
6. Plot No. 10/11 at Panchgani, Takula Mahabaleshwar, Dist. Satara at Panchgani Co-op. Society.
7. | Plot No. 6B at Panchgani, Takula Mahabaleshwar, Dist. Satara at Panchgani Co-op. Society.
8. | Land at Kalawade, Tal. Karad, Dist. Satara admeasuring 14.97 Acre.
9. | Land at Wathar, Tal. Karad, Dist. Satara admeasuring 3.57 Acre.
10. | Land at Karad F. P. No. 397 opposite Bail Bazar.
11. | Plot No. 221 ABCD/1 Parvati Nivas of N.A. Kalyani (HUF) at Kalyani Nagar.
12. | Plot No. 1B at Kalyani Nagar, 221 ABCD/1 admeasuring 952 sq. meter.
Immovable Properties held by the Kalyani Family HUF
Sr. Particulars No.
2. | Building at 240-F, Shaniwar Peth, Karad
The plaintiffs argue that the Kalyani Family HUF owns shares in valuable companies, both family-controlled and others, which have likely gained value over time. These gains should also benefit the HUF and be available for division.