Baba Kalyani’s relatives move court, seek share in HUF assets

March 26, 2024 08:19 pm | Updated 09:57 pm IST - MUMBAI

The children of industrialist Babasaheb N. Kalyani’s sister Sugandha Jai Hiremath (72) have moved a Pune court seeking partition of Kalyani family assets to get 1/9th of the share. In a joint application, Sameer Jai Hiremath (50) and his sister Pallavi Anish Swadi (48) sought their share in the properties, which include shares of several listed companies and unlisted limited companies of the Kalyani Group. Claiming that they had a share in Kalyani Hindu Undivided Family (HUF) assets, they alleged that Babasaheb Kalyani (75) had been “enjoying and using the assets alone and withholding information about the assets in the HUF.”

Besides Mr. Babasaheb, son Amit, brother Gaurishankar, niece Sheetal, nephew Viraj have been made party. The petitioners have also sued their mother.

Stating that all of the group’s businesses were started with investments made from the joint family headed by their maternal great grandfather Annappa N. Kalyani (ANK), they claimed that these businesses and investments constituted the properties of the joint family of which they are a part.

As per the petition, ANK had invested the family funds in various businesses including different companies and firms. “All such movable and immovable assets, shares and other forms of investments made by ANK in his capacity as Karta, were the properties and businesses of the joint family, whether held in the name of ANK or in the name of any other member of the joint family.”

“The businesses of the said joint family were either in the form of companies, or proprietorship concern, or partnership firms and also in the nature of shareholdings in different companies,” they said in the petition, adding that his son Neelkanth A. Kalyani (NAK) had actively participated in the family business.”

Asserting that everything that is now in the family pool, irrespective of the name, and is a part of the HUF, they said all must be considered during partition. 

“It is evident that ANK and NAK earned a fortune over their lifetime, and further that these monies always formed a part of Kalyani Family HUF,” they mentioned in the petition. The petitioners stated that the Kalyani family owned and controlled valuable public listed companies, private companies and trusts including Bharat Forge Ltd., Kalyani Steels Ltd. and Kalyani Consultants Private Ltd.

“Since all these businesses were commenced and the investments were made from the nucleus of the joint family headed by ANK, all these businesses and investments constituted the properties of the joint family,” they said in their prayer before the court. The duo asserted their right by stating that they were coparceners in the Kalyani Family HUF by virtue of the 2005 amendment to Section 6 of the Hindu Succession Act, 1956. 

Accordingly, they were within their rights to seek a partition of the Kalyani Family HUF in their own respective rights as coparceners of the Kalyani Family HUF. “Declare that the plaintiffs are coparceners in the Kalyani Family HUF and in their respective capacity as coparceners and that plaintiffs have an undivided share in the assets and properties which form a part of the Kalyani Family HUF,” they urged the court in the petition. “Order and direct a partition of the Kalyani Family HUF and declare that the Plaintiffs are entitled to a 1/9” share each or such share as may be decided by this Hon’ble Court, in the assets and properties comprising of the Kalyani Family HUF,” they said.

When asked for comment, spokesperson for the Kalyani family said, “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,” the spokesperson added.

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