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.
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