Shareholders of Hikal Ltd (NSE: HIKAL) have rejected a special resolution seeking continuation of Baba Kalyani, an Indian billionaire businessman and member of PM Narendra Modi’s Science, Technology and Innovation Advisory Council. The vote was to decide if he could continue as a director of the firm according to a regulatory filing by the company on stock exchanges.
As per the voting results shared on BSE by the company, 49.4 per cent of promoters votes were polled in favour of the resolution and 50.59 per cent against.
With this development, the ownership dispute between Bharat Forge chairman & MD Baba Kalyani and his sister Sugandha Hiremath has reached a turning point at Hikal.
As per market experts, the current legal suit between the Hiremath family and the Baba Kalyani is at a shareholder level and it is not expected to cause any impact to the company and its performance.
In 2012, Germany’s Ambassador to India Michael Steiner conferred the prestigious ‘Bundesverdienstkreuz, Germany’s Cross of the Order of Merit’, to Mr. Baba Kalyani.
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