Hikal Limited, a Mumbai-based pharmaceutical and life sciences company, has appointed two experts to its board of directors, Berjis Minoo Desai and Ramachandra Kaundinya Vinnakota, effective October 1. The appointment is for a five-year term and is currently subject to shareholder approval. Desai and Vinnakota were appointed as independent directors at a board meeting earlier this month, according to the firm. "Their extraordinary expertise, diverse insights, and proven leadership will undoubtedly enrich our governance and bring heft to our strategic decisions, fostering our continued growth," said Jai Hiremath, founder and executive chairman.
Desai is a seasoned legal luminary with a track record of directorships in prominent listed and non-listed public companies, while Vinnakota is an agricultural management expert who has previously served as CEO (Chief Executive Officer) at Advanta Ltd., Emergent Genetics India, and Cyanamid Agro. Hiremath filed a case with the Bombay High Court on March 18, 2023, claiming that the 'family agreement of 1994' to the stock exchange includes the transfer of Kalyani's 34% equity stake in Hikal to them. Baba Kalyani, the owner of the Kalyani group, is Sugandha Hiremath's brother and co-promoter of Hikal with Jai Hiremath.
After that, the two holding Kalyani group companies - BF Investment (BFIL) and Kalyani Investment company (KICL) - in an affidavit filed with the high court accused the Hiremath family of making “entirely inaccurate and misleading" disclosure to the bourses. The Kalyani group in the affidavit that was filed as a reply, claimed that the ‘family arrangement’ was a note by Baba’s father, Neelkanth Kalyani, and is not sustainable before law. The Kalyani family through its two holding companies owns 34% of Hikal, while the Hiremaths own 35% of the specialty chemical firm. If Hiremaths are successful in their legal war, the transfer of Kalyani family shares will mean Hiremath will own around 69% in the firm.
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