Nephew and niece sue Baba Kalyani for share in family assets

The legal proceedings initiated by the duo highlight the lineage of these assets, tracing back to the origin of businesses and investments under the leadership of Annappa Kalyani, the patriarch of the joint family. According to the plaintiffs, all businesses and investments stemming from the joint family's nucleus are considered communal properties.

Key among the assets in dispute are shares in numerous listed companies and privately held enterprises, which collectively hold substantial interests in various sectors under the Kalyani Group.

The petition further seeks a full accounting of the title documents and relevant books of accounts pertaining to all immovable/movable assets set out in Annexure B and E hereto; (ii) other immovable properties owned and controlled by the Defendants which have been purchased using joint family funds and are therefore the property presently of the form Kalyani a part Family of HUF but which do not Annexure E; (iii) all movable properties including gold and jewelry, cash in hand, bank accounts, fixed deposits, shares, provident funds and all other investments and movable properties owned and controlled by the Defendants but purchased using joint family funds, therefore making it property of the Kalyani Family HUF but which do not presently form a part of Annexure A or B.

As per Annexure A of the filling.

The plaintiffs argue that the Kalyani Family HUF owns shares in valuable companies, both family-controlled and others, which have likely gained value over time. These gains should also benefit the HUF and be available for division.

In a statement, a spokesperson for the Kalyani family refuted the allegations made in the petition and termed them "factually incorrect and baseless".

"It is shocking that the petitioners filed the suit on March 20th, 2024 in the Pune Court, and inappropriately handover (sic) a copy of suit to the media first, without even servicing the suit on defendants, or even before the matter is admitted for hearing in the court. This itself shows malicious intent of petitioners, which is to defame and tarnish the image of Shri Baba Kalyani, his family and the Group," the spokesperson said, adding, "As and when the suit is served on us, we will defend our position before the court of law, including initiating appropriate civil/criminal defamation proceedings..."