Jaidev Hiremath, and Sugandha Hiremath, the promoters of specialty chemical firm Hikal Ltd, filed a suit in Bombay High Court against the BNK Group seeking "performance of obligations cast on BNK after family arrangement". Baba Kalyani and Kalyani Group companies are known as BNK Group.
Sugandha Hiremath is the sister of Baba Kalyani, CMD of Bharat Forge Ltd.
"The Hiremath Family is seeking specific performance of obligations cast on BNK pursuant to a family arrangement entered between BNK and his parents, whereby the shares of the Company held by KICL and BFIL, both of which are under the ownership and control of the BNK Group, were required to be transferred to the Hiremath Family," said Hikal in a stock exchange filing on Thursday.
"There are no monetary claims against the Company in the above-mentioned Suit. In view thereof, the Company does not expect any financial implications arising due to compensation, penalty etc. in relation to the abovementioned Suit," added Hikal.
At 1450 hours, the company's scrip on BSE was trading flat at Rs 307.5.