Kalyani calls on Sebi to punish Hikal executive

The conflict between Bharat Forge Ltd's promoter Baba N. Kalyani and sister Sugandha Hiremath has escalated with a Kalyani group company requesting the market regulator to order the removal of the compliance officer of Hikal Ltd, a speciality chemicals company jointly owned by the Kalyanis and the Hiremaths. It has also called for action against Hikal's audit committee.

Kalyani Investment Co. Ltd (KICL), a co-promoter of Hikal, wrote to the Securities and Exchange Board of India (Sebi) on November 29 that the compliance officer unfairly restricted it from buying Hikal shares at the behest of the Hiremaths. The company asked Sebi to investigate the actions of the Hiremaths, the compliance officer, and the members of Hikal's audit committee for a "coordinated scheme" to solely benefit the Hiremaths.

The letter accused Hikal's board and audit committee of "gross abuse of powers and dereliction of duties". Mint has seen a copy of the letter.