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Informist, Monday, Jun. 15, 2026

 

NEW DELHI – The Supreme Court Monday has suggested that parties explore the possibility of mediation in the Kalyani family dispute over ancestral wealth and promoter stake in listed companies, with a total estimate of more than INR 1 trillion. "Please take instructions about mediation (on dispute between the parties)," said a bench led by Chief Justice of India Surya Kant. The top court sought the parties' response by Jul 13.

 

The case has its genesis in Jaidev Hiremath and Sugandha Hiremath moving the Bombay High Court, seeking that Babasaheb N. Kalyani, chairman of Bharat Forge Ltd. and brother of Sugandha Hiremath, and others, obligatorily comply with the terms of a 1994 family arrangement entered into between Kalyani and his parents. As per the arrangement, shares of Hikal Ltd. held by Kalyani Investment Co. Ltd. and BF Investment Ltd., both under the ownership and control of Kalyani group, were to be transferred to the married couple Jaidev Hiremath and Sugandha Hiremath. 

 

Jaidev Hiremath and Sugandha Hiremath had also filed an application seeking interim measures from high court to restrain Kalyani and others from acting in any manner that is contrary to the terms of the 1994 family arrangement. Kalyani and others have also filed an application before the high court, challenging the maintainability of Jaidev Hiremath and Sugandha Hiremath's petition.

 

The parties are also involved in cases ongoing before a Pune civil court. In 2024, Sugandha Hiremath had filed a petition before the Pune civil court, claiming there existed a Kalyani Hindu Undivided Family that funded the creation of all the group's businesses that exist today, including group flagship Bharat Forge. She argued that since the seed capital came from this Kalyani Hindu Undivided Family, all the assets of the Kalyani group belong to it, of which she has claimed a part.

 

In May, the high court rejected Jaidev Hiremath and Sugandha Hiremath's requests to refer the parties to mediation and appoint a retired judge of the Bombay High Court or Supreme Court to solve the dispute between the parties. The high court had said that earlier mediation attempts between the parties had failed and the alternative dispute resolution mechanism is required to be mutual but in the current case, Kalyani and others have opposed mediation. Further, the Mediation Act, 2023 does not provide for mandatory mediation and there was no possibility of settlement between the parties, said the high court. Challenging the high court's order, Jaidev Hiremath and Sugandha Hiremath have moved the apex court.

 

At 1306 IST, shares of Bharat Forge Ltd. were up 2.8% at INR 2000.00 on the National Stock Exchange, and shares of Hikal Ltd. were up 1.7% at INR 187.12. Shares of Kalyani Investment Co. Ltd. were up 2.8% at INR 5,171.00, and those of BF Investment Ltd. were up 2.5% at INR 448.10 on the NSE.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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