NEPHEW, NIECE HAVE NO LOCUS STANDI TO CLAIM ASSETS: KALYANI

MUMBAI: Bharat Forge chairman Baba Kalyani has said that the family asset split petition filed by his nephew and niece is an "attempt to usurp rights" in properties belonging to him. He also said that the properties and businesses managed by him are not part of "any alleged Kalyani joint family estate".

Baba's nephew and niece Sameer Hiremath and Pallavi Swadi have sought a division of the Kalyani family estate, demanding a one-ninth share across listed companies such as Bharat Forge and Kalyani Steel as well as immovable properties in Pune and elsewhere in Maharashtra.

Baba said Sameer and Pallavi - children of his sister Sugandha Hiremath, who is also a director of Hikal - are not coparceners of the Kalyani joint family unit. Therefore, they have "no locus standi to file a suit" seeking partition of any unit formed within the Kalyani family.

Law allows Sugandha to be a coparcener in the Kalyani joint family estate but it doesn't extend the same to her children, said Baba in his statement filed before the Pune civil court. On Monday, the siblings had requested the court to halt their uncle from disposing of the family assets.

Baba's statement said that his grandfather Annappa Kalyani was not a wealthy businessman nor did he leave behind a large estate as alleged by his niblings. He left some agricultural lands and residential houses, which after discharging debts, were distributed among his legal heirs including Sugandha. But, before his demise in Feb 1964, he had gifted Rs 2 lakh to his son Neelkanth Kalyani (Baba's father).

Using the gifted money and his savings, Neelkanth started various businesses. He subsequently acquired certain assets through the earnings of the businesses and grew the Kalyani enterprise. "There was no HUF formed during the lifetime of Annappa," Baba said.

But, Neelkanth had formed a HUF and was the karta of it. However, no business/investments was started/made as the karta of any HUF. “These were started/run in their individual capacity and without any aid from the joint family resources,” said the chairman of Bharat Forge.

Subsequently, Baba (75) took the Kalyani Group to greater heights. He “built various companies on his own merit and skills, and with his own personal investments”. Hence, a “casual reference to various properties mentioned in the suit and a fishing enquiry about the other alleged properties of the alleged Kalyani HUF is nothing but an ill motivated and malicious litigation filed by the plaintiffs for harassing members of the Kalyani family,” read Baba’s statement.