 "Baba Kalyani, Chairman & Managing Director, Bharat Forge")
Baba Kalyani, Chairman & Managing Director, Bharat Forge
Pune-based billionaire Baba Kalyani has dismissed claims made by his younger brother, Gaurishankar, about a supposed second Will from their late mother Sulochana as a “misinformation campaign”.
While Baba Kalyani, the 75-year-old patriarch of Kalyani Group, has maintained a high profile throughout his career, his younger brother, Gaurishankar, 70, a non-executive director at the Pune-based engineering firm Kalyani Forge, prefers to stay low-key. The day-to-day operations of Kalyani Forge, which reported revenues of Rs 237 crore as of March 2024, are managed by Gaurishankar’s wife, Rohini, and their son, Viraj.
Gaurishankar, a commerce graduate with ‘expertise in management and the financial sector’, is not on the board of any company operated by his elder brother. However, he serves on various committees of the Kalyani Forge board and several private companies within the group.
“He is not actively involved in the day-to-day operations of Kalyani Forge but provides guidance to the board as needed,” said a source close to the family.
The new Will from 2022, according to an affidavit filed by Gaurishankar with the court, is contested by both Baba and their sister Sugandha Hiremath. A source in the Hiremath family said that, based on their information, their mother died intestate, so the court will need to determine the authenticity of the Wills presented by both brothers.
This is not the first time Gaurishankar and his family have fought for their share of the family assets. In 2015, Gaurishankar’s daughter Sheetal sought her share of the family wealth in a Pune court. The matter remains pending.
The latest dispute over the ‘purported’ Will escalated when Madan Umakant Takale and Shrikrishna Kiran Adivarekar, independent directors in private investment companies of the group, filed for probate of Sulochana’s earlier Will dated January 27, 2012. The probate application in a Pune court is scheduled for October 9.
On July 15, Gaurishankar filed an affidavit contesting the 2012 Will and submitted a new Will dated December 9, 2022. On August 3, Viraj, Gaurishankar’s son, also filed for probate on the December 9, 2022, Will in a Pune court. The matter is set for a hearing on September 23.
In a statement on Monday, Baba condemned these claims as orchestrated attempts to tarnish his reputation and sway public opinion through a media trial.
“The claims made in the affidavit from the late Sulochana Kalyani, as presented by Gaurishankar Kalyani, are fabricated, incorrect, and denied,” Baba’s statement read.
Baba is engaged in legal battles with his siblings on multiple fronts, including a dispute with his sister Sugandha over the control of BSE-listed Hikal.
Both Gaurishankar and Sugandha seek a division of Kalyani Group assets, including those in the flagship Bharat Forge, which has a market value of Rs 74,508 crore as of Monday. The Kalyani family owns a 45.25 per cent stake worth Rs 33,731 crore in the flagship company.
According to Sulochana’s new affidavit from 2022, between 1992 and 1994, Baba assumed control of several companies, including Bharat Forge and Kalyani Steels, from her husband — the founder of the group. After 1994, her husband and she were left with only a small portion of the wealth generated by the group and decided to transfer control of Hikal to Sugandha, as stated in the Will.
“Only Gaurishankar had not received any of the family and Hindu Undivided Family assets until then. To safeguard Gaurishankar and his family, my husband wished to bequeath his remaining assets to Gaurishankar, including shares of Kalyani Forge, shares of Bharat Forge, and some immoveable properties,” the affidavit dated December 9, 2022, by Sulochana, reads.
First Published: Sep 16 2024 | 7:55 PM IST
