Business tycoon Baba Kalyani, who sits on the board of more than seven companies, may have to relinquish his position at Hikal due to a protracted dispute with his sibling. With his 75th birthday approaching, Kalyani is seeking re-appointment as a non-executive director at Hikal. However, the process is expected to be arduous given the existing conditions in place, which stipulate the requirement of a special resolution for directors aged 75 or over. To continue after reaching 75, a director must secure the support of at least 75% of Hikal’s shareholders. The outcome of this re-appointment rests on the votes of retail and institutional investors, particularly Kalyani’s sibling Sugandha, who owns approximately 35% of the fertiliser company and is likely to vote against Baba’s re-appointment as a result of the contentious dispute between the two. The disagreement centres around a family arrangement that previously compelled the CEO of Bharat Forge, in which Baba possesses a 34% stake, to transfer this stake in Hikal to Sugandha. Baba has objected to this share-transfer clause. Non-promoters hold 31% ownership of Hikal, which boasts a market capitalisation of INR 3,748 crore. According to a report cited by the Times of India (ToI), two advisory firms that provide guidance to shareholders have recommended voting in favour of Baba’s reappointment, while one firm has advised against it. The article adds that ToI’s own report highlights the responsibilities of the Hikal board to safeguard the company’s operations and decision-making process from the impact of the ongoing family dispute. It goes on to state that although age is not considered a criterion for board membership, the report expresses concern regarding the dispute between the promoters. Baba’s potential loss of a seat on Hikal’s board would undoubtedly be disappointing, bringing an end to his 31-year tenure in this capacity. However, his son Amit Kalyani, the Deputy Managing Director of Bharat Forge, and Shrikrishna Adivarekar, a long-term associate, would still hold positions on Hikal’s board. The fertiliser company was established by Jaidev Hiremath, Sugandha’s husband. The article also mentions Baba’s recent attempt to increase his shareholding by purchasing Hikal shares on the open market, which was disapproved by the company on the grounds that Baba and his family were privy to inside information.