Pune: Bharat Forge Chairman Baba Kalyani Faces Legal Battle Over Family Property Dispute, Nephew And Niece Seek Ninth Share In Assets

Mubarak Ansari

Pune, 27th March 2024: The longstanding property dispute within the family of Bharat Forge chairman Baba Neelkanth Kalyani has now landed in the courtroom. Sameer Hiremath and Pallavi Swadi, grandchildren of Neelkanth Kalyani, have filed a petition in the Pune Civil Court against their uncle, Baba Kalyani, regarding a dispute over family assets.

The petition seeks a ninth share in the family’s assets, which include stakes in Bharat Forge and Kalyani Steel. Baba Kalyani, a prominent figure listed among the wealthiest individuals in the country with a net worth of $4 billion according to Forbes, is at the center of the legal battle.

Apart from Baba Kalyani, the lawsuit also names five other family members, including their mother Sugandha Hiremath, her brother Gauri Shankar Kalyani and his children Sheetal Kalyani and Viraj Kalyani, and Baba Kalyani’s son Amit Kalyani. The family owns extensive land holdings in Pune, Mahabaleshwar, and other parts of Maharashtra, the valuation of which is yet to be determined.

The market capitalization of the Kalyani group of companies stands at approximately Rs 62,834 crore. In their plea, Sameer (aged 50) and Pallavi (aged 48) allege that Baba Kalyani has failed to honor various wills and agreements made over time following the death of Neelkanth Kalyani’s wife in February 2023. They express concerns that Baba Kalyani may attempt to seize control of all family assets, depriving them of their rightful shares.

According to the petition, the family’s ancestral wealth traces back to Annappa Kalyani, who was both a farmer and a businessman. Annappa’s substantial property was later inherited by his only son, Neelkanth.

Neelkanth consolidated all assets, earned and invested, under the Hindu Undivided Family (HUF) Act in February 1954. With Neelkanth’s health declining in 2011, his elder son Baba Kalyani assumed control of the HUF affairs. Neelkanth passed away in 2013.

The petitioners allege that all businesses and investments were initiated using family funds, and thus, these assets belong to the joint family, rather than being under the sole authority of the father.

This legal battle echoes a previous case filed by Sheetal Kalyani in 2014 against Baba Kalyani in the Civil Court of Pune, seeking a share in the ancestral property, which remains pending.

Sameer and Pallavi assert that the HUF possesses more assets than disclosed, including gold and jewelry, constituting part of the family wealth. They seek court intervention to compel disclosure of all HUF assets by their father.

In a statement, a spokesperson at Bharat Forge stated, “The claims by the petitioners have been made with the intent to malign the image of Shri Baba Kalyani, his family & the Group. We categorically deny these allegations and state that the aversions made are factually incorrect and baseless.

It is shocking that the petitioners filed the suit on March 20th, 2024 in the Pune Court, and inappropriately handed over a copy of suit to the media first, without even servicing the suit on the defendants, or even before the matter is admitted for hearing in the court. This itself shows the malicious intent of petitioners, which is to defame and tarnish the image of Shri Baba Kalyani, his family, and the Group.

As and when the suit is served on us, we will defend our position before the court of law, including initiating appropriate civil/criminal defamation proceedings for tarnishing the image of Mr. Kalyani, his family and the Group.”