Jaidev Hiremath and Suganda Hiremath, the promoters of Hikal Ltd, have filed a case against Baba Kalyani and the Kalyani group of companies (BNK Group) in the Bombay High Court. Hikal, which has interests in pharmaceuticals, speciality chemicals and crop protection, said in a regulatory filing that the suit was filed on March 18 against Kalyani, who is the chairman and managing director of Bharat Forge Ltd and brother of Sugandha Hiremath.

The suit has also been filed against BF Investment, Baba Kalyani’s son Amit, his brother Gaurishankar Kalyani and Rohini Kalyani, Gaurishankar’s wife. BF Investment is a part of the promoter group and holds around 2.65 per cent in Hikal. Hikal said that the Hiremath family is seeking ‘’specific performance of obligations’’ cast on BNK pursuant to a family arrangement entered between BNK and his parents, whereby the shares of the company held by KICL and BFIL, both of which are under the ownership and control of the BNK Group, were required to be transferred to the Hiremath family.

Hikal said that there are no monetary claims that are being made against the company. “The company does not expect any financial implications arising due to compensation, penalty in relation to thesuit,” the statement added. Shares of Hikal on Thursday settled with marginal losses at Rs 306.70 — a drop of 0.42 per cent over the previous close.

Bharat Forge fell 1.34 percent to Rs 771.75 on the Bombay Stock Exchange. Bharat Forge reported a standalone net profit of Rs289.18 crore in the third quarter of 2022-23, down 14.29 percent from a year ago. Sequentially, net profit climbed 7.85 per cent. The company posted a net profit of Rs 268 crore in the second quarter. Net profit fell despite the company recording strong growth on the top-line front.Net profit was higher in Q3FY22 because of an exceptional items gain.