Shares of Bharat Forge continued their decline ahead of Q4 results on Wednesday following reports that company chairman Baba Kalyani has rejected the idea of sharing any assets of the Kalyani joint family with the children of his estranged sister, Sugandha Hiremath.
What Happened: In an affidavit submitted to the civil court of Pune, Kalyani said his nephew Sameer Jai Hiremath and niece Pallavi Swadi have no entitlement to request partition of the assets of the Kalyani Hindu undivided family (HUF) as they are not part of it according to current law.
Bharat Forge’s managing director clarified that Hiremath and Swadi cannot assert to be co-partners in the Kalyani joint family as they are born into the Hiremath family.
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Previously, Sameer and Pallavi had filed a lawsuit in a Pune court seeking partition of the Kalyani family assets, which include Bharat Forge and other listed and privately held companies.
Baba Kalyani’s statement is part of an affidavit filed in response to the siblings’ application for interim relief, requesting the court to restrain Baba Kalyani from engaging in any transactions related to the properties of the Kalyani HUF.
The Hiremaths and Kalyanis are entangled in a contentious dispute over the ownership of shares in pharmaceutical firm Hikal Ltd and assets held by specific HUFs within the Kalyani joint family. This disagreement extends to numerous real estate properties and collections of gold jewellery.
Price Action: Bharat Forge’s share price was down 1.5% at ₹1,221.45 in morning trade on Wednesday.
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