Hikal's Family Arrangement Details Disclosed to Stock Exchanges

In a significant move, the promoters of Hikal, a leading chemical company headquartered in the city, have submitted two deeds of family arrangement to the stock exchanges. These documents, signed by the Kalyani family members in 1993 and 1994, were disclosed to comply with the Securities and Exchange Board of India's (Sebi) Listing Obligations and Disclosure Requirements (LODR).

Legal Battles and Ownership Disputes

The disclosure comes amidst ongoing legal disputes between the Hiremaths and Baba Kalyani, the main promoter of the Pune-based Kalyani group, over the control and ownership of Hikal. The 1993 deed, among other things, stipulated that all Hikal shares held by family members would be transferred to Sugandha and Jai Hiremath.

Sebi's Push for Transparency

Sebi has recently intensified its efforts to ensure transparency by compelling promoters of listed companies involved in family arrangements to disclose such legal agreements to all shareholders. This move follows a similar directive issued to the promoters of Kirloskar Oil Engines and other Kirloskar group companies late last year.