Mumbai: The legal battle between the promoters will have no impact on Hikal’s performance and that there are no monetary claims against it in the suit, the company said on Thursday.
Hikal was countering a report by shareholder advisory firm InGovern that said ownership battle threatens to hurt its growth and that it should separate management from ownership. The company said the dispute is a private matter between the shareholders and is independent of its operations. It also does not expect any financial implications arising due to compensation, penalty, etc, in relation to the promoters’ suit.
Hikal is owned by the Hiremath and Baba Kalyani families, each holding 34%. Sugandha Hiremath, the sister of Bharat Forge CMD Baba Kalyani, has moved the Bombay high court seeking the performance of a family arrangement entered into between Kalyani and their parents to transfer his stake in Hikal to her. Kalyani has disputed the share transfer claim.
Hikal said the claims stated in the InGovern report seem to be “a deliberate ploy to cast a doubt on the company’s business practices and misrepresent the facts”. “We are unequivocal that the continuing legal battle between the families will have no impact on the company’s overall performance, and its operations.”
Hikal was countering a report by shareholder advisory firm InGovern that said ownership battle threatens to hurt its growth and that it should separate management from ownership. The company said the dispute is a private matter between the shareholders and is independent of its operations. It also does not expect any financial implications arising due to compensation, penalty, etc, in relation to the promoters’ suit.
Hikal is owned by the Hiremath and Baba Kalyani families, each holding 34%. Sugandha Hiremath, the sister of Bharat Forge CMD Baba Kalyani, has moved the Bombay high court seeking the performance of a family arrangement entered into between Kalyani and their parents to transfer his stake in Hikal to her. Kalyani has disputed the share transfer claim.
Hikal said the claims stated in the InGovern report seem to be “a deliberate ploy to cast a doubt on the company’s business practices and misrepresent the facts”. “We are unequivocal that the continuing legal battle between the families will have no impact on the company’s overall performance, and its operations.”