Brothers grim: Inside the high-stakes fight between Baba and Gaurishankar Kalyani over their mother’s will

Bharat Forge Chairman Baba Kalyani and his younger brother Gaurishankar are locked in a legal dispute over the will of their late mother, Sulochana Kalyani. The ongoing feud has taken a fresh twist, with the brothers presenting conflicting wills in court—one from 2012 and another from 2022.

The case is reportedly set to be heard in court next month.

Baba Kalyani approached the Pune civil court to probate the 2012 will, which allocates Sulochana’s estate among her children—Baba, Gaurishankar, and their late sister Sugandha Hiremath. Under this will, Baba is set to receive a significant share of assets, including stakes in Kalyani Group companies and real estate under the Kalyani Hindu Undivided Family (HUF). Gaurishankar and Sugandha’s heirs are designated to receive other properties, jewellery, and additional assets.

The tussle over 2022 Will 

Gaurishankar disputes the 2012 will and has submitted a will dated December 17, 2022, which he claims revokes all previous versions. He reportedly accuses Baba of exerting “coercion and undue influence” over their mother to secure a more favorable distribution of the estate. Gaurishankar further alleges that Baba’s efforts to probate the 2012 will are part of an attempt to “usurp” properties intended for him.

The 2022 affidavit also alleges that Baba previously manipulated family assets by taking a substantial number of properties from their elderly father, Neelkanth Kalyani. It is further claimed that Baba persuaded Sulochana to file lawsuits against Gaurishankar and his family.

What happened earlier

This is not the first time the Kalyani family has been in court over its assets. Baba and Gaurishankar were previously embroiled in a legal battle with the children of their sister Sugandha, who sought a one-ninth share of the Kalyani family’s assets, estimated to be worth between Rs 65,000 crore and Rs 70,000 crore. Both brothers have contested this claim, arguing that Sugandha’s children have no legal entitlement to the assets.

The matter of the 2012 will is currently under review in the Pune district court, and the assets will reportedly remain in legal contention until a resolution is reached.

The Hikal tussle

Hikal Ltd, a diversified company involved in the manufacturing of active pharmaceutical ingredients (APIs), crop protection, and animal healthcare products, got pulled into the spotlight amid the Kalyani family dispute.

While the inheritance battle between Baba, Gaurishankar, and the heirs of their late sister Sugandha centers around the family’s assets, its impact hit Hikal as well.

Sugandha’s children, who are seeking a one-ninth share of the Kalyani family’s vast fortune, have complicated the ongoing legal battles. These assets include not only real estate and stakes in companies like Bharat Forge but also investments tied to Hikal. Baba Kalyani’s resignation as a non-executive director from Hikal Ltd, while officially unrelated to the family feud, has sparked speculation about whether the ongoing disputes influenced his decision. According to a note from ICRA, Hikal’s operations and credit profile remain stable despite Baba’s exit. However, the agency has flagged the situation for continued monitoring, especially if further developments in the family dispute directly affect the company.

Although Hikal is not directly involved in the inheritance dispute, the company’s future could be influenced by the outcome of the legal battle between Baba, Gaurishankar, and Sugandha’s heirs.