In a fresh twist to the Kalyani family battle, a dispute has emerged over the group matriarch Sulochana Kalyani’s will. Both her sons, Baba Kalyani and Gaurishankar Kalyani, have staked their claim to their mother’s wealth through two different wills.
Gaurishankar, brother of Baba Kalyani, chairman and managing director of Bharat Forge, has contested the will dated January 2012 that has been moved for probate by executors, Madan Umakant Takale and Shrikrishna Kiran Adivarekar. This was done on February 8, 2024. The hearing for this case is scheduled for October 9, 2024. Sulochana passed away in February 2023.
Gaurishankar’s affidavit on July 15, 2024 had claimed that his mother had made another will on December 9, 2022. Subsequently, on August 3, 2024, Viraj Kalyani, Gaurishankar’s son moved for probate of Sulochana’s will in a Pune court. This case comes up for hearing on September 23, 2024.
Gaurishankar’s affidavit says Sulochana accused Baba Kalyani of taking away most of the family wealth, leaving his parents with a small portion. “Between 1992 and 1994, Baba took away the control of several companies, including BFL (Bharat Forge) and KSL (Kalyani Steels), from my husband. After 1994, my husband and I were left with only a small portion of the wealth generated by my husband,” the affidavit said. The affidavit was signed three months before Sulochana passed away.
In the affidavit, Sulochana states that around 2007, she and her husband, Neelkanth Kalyani, wished to see that Gaurishankar and his family were secured during their lifetime and they decided to gift whatever wealth remained with them to Gaurishankar and took steps to gift the wealth to him.
Sulochana’s affidavit said she was under pressure from Baba Kalyani to reverse these decisions and at the behest of Baba, she filed some proceedings against Gaurishankar, his family and companies/trusts controlled by them. She also claimed that Baba had filed proceedings in various courts and tribunals using her power of attorney and she was not aware of the contents of these proceedings. She then went on to withdraw several proceedings filed in her name against Gaurishankar and his family members.
In her affidavit, she also stated that her husband inherited substantial wealth from his father in 1962, which was used to establish Bharat Forge, Kalyani Steels and several other companies.
In his affidavit, Gaurishankar has highlighted the pending litigations between the legatees under the alleged will. He further alleged that the will was not valid as it was obtained under coercion/ undue influence and/or impunity.
Babak Kalyani is engaged in a battle with his sister, Sugandha Hiremath, and her children, Sameer Hiremath and Pallavi Swadi. Sugandha’s children have filed a partition suit seeking their share in family wealth and are currently under mediation. Sheetal Kalyani, Gaurishankar’s daughter, has sued Baba for her share in family wealth. Baba has been contesting both suits on the grounds that everything he owns is self-created and not ancestral.
From: financialexpress
Financial News
