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Baba Kalyani, chairman of <a href="http://www.businessinsider.in/searchresult.cms?query=bharat+forge">Bharat Forge</a>, and his family have been dragged to court by the young niece, Sheetal Kalyani, demanding her share in ancestral wealth. 
 
Sheetal, 27, has claimed one-ninth of the family estate and demanded her share of stakes in listed companies. 
 
The case is slated for second hearing on November 05. 
 
Four grandchildren of the Kalyani family's patriarch Vijaypat Singhania had approached the Bombay High Court seeking ancestral rights to properties. 
 
Reportedly, Ananya, Rassalika, Tarini and Raivat Hari, the children of Vijaypat Singhania's estranged son Madhupati, accused Baba Kalyani of ignoring them during the partition of family assets. 
 
Experts point out that younger generation of affluent families demand their share as they are well aware of the outside world. They say that to avoid such circumstances, business families should structure their wealth in advance to maintain peace. 
 
Bharat Forge has value of Rs 19,000 crore with profitable subsidiaries in Germany. 
 
(Image: Thinkstock)

Chairman of Bharat Forge, Baba Kalyani, in legal trouble as niece files suit, claims one-ninth of the estate as her share

Jaipur, Chief Justice of India D Y <keyword id="19985698" type="General" weightage="20" keywordseo="chandrachud" source="keywords">Chandrachud</keyword> on Saturday said mutual fraternity is necessary to maintain equality in the country. Addressing a state-level 'Hamara <keyword id="20886725" type="General" weightage="20" keywordseo="samvidhan-hamara-samman" source="keywords">Samvidhan Hamara Samman</keyword>' campaign in Bikaner, the <keyword id="19946587" type="General" weightage="20" keywordseo="cji" source="keywords">CJI</keyword> asked how will the country progress if people fight with each other. "We should have respect for each other in accordance with the spirit of the <keyword id="19942019" type="General" weightage="20" keywordseo="constitution" source="keywords">Constitution</keyword>," he said. Justice Chandrachud said that "human dignity was of supreme importance in the minds of the makers of our Constitution". "Dr Baba Saheb Ambedkar, as Chairman of the <keyword id="20312509" type="General" weightage="20" keywordseo="drafting-committee" source="keywords">Drafting Committee</keyword>, ensured that the Constitution promoted the values of justice, liberty and equality as well as the spirit of fraternity and dignity of the individual," he added. The Chief Justice of India (CJI) said that many efforts are being made to improve the condition of district courts. "We want to sensitize the district courts because this is the first step towards justice. We are making many efforts to improve the condition of the district courts and to transform their buildings to suit the modern era," he added. Highlighting the technological advancements over the years, the CJI said the potential of technology is also being used to spread legal awareness and legal services. "The <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> of the country has worked to enhance its capacity through technology," he added. The CJI said that hearing through video conference was started a few years ago and many lawyers attend the hearing and argue through video conference. He said the judgements are being translated through technology and it is his endeavour to make judgements available in more regional languages. Union Minister of State for Law Arjun Ram Meghwal also addressed the programme.

Mutual fraternity is necessary to maintain equality in country: CJI Chandrachud

<ul><li><keyword id="6418655" type="General" weightage="20" keywordseo="minority-shareholders" source="Orion">Minority shareholders</keyword> can do little to protect their investments in case of boardroom and family battles of promoters, say experts.</li><li>Shareholders should take a call to sell or stay invested based on how the company is performing.</li><li>Any legal recourse by minority shareholders can lead to further dilution of stock value, warn lawyers. </li></ul>The Raymond family drama has taken its toll on minority shareholders of the company because this category of investors is the most vulnerable. The stock has fallen by over 17% ever since <keyword id="6405378" type="General" weightage="20" keywordseo="gautam-singhania" source="Orion">Gautam Singhania</keyword>’s wife <keyword id="305817" type="General" weightage="20" keywordseo="nawaz-modi" source="Orion">Nawaz Modi</keyword> publicly accused him of assault. His letter to the board assuring smooth functioning of Raymond, has done little to calm the storm. This is not the only case where minority shareholders, who hold less than 50% of the stock, are affected by feuds between board and family members. There are two other ongoing cases of family members sparring over control of companies — pharma company Hikal and Finolex Cables. In these cases, there is very little that shareholders can do, say experts. They’re left between the choice of offloading stock as it’s falling or holding it for an indefinite period. In these cases, should shareholders sell or stay? “There is no easy way to answer this,” says Deepak Jasani, head of retail research at HDFC Securities. “It all depends on if the company is continuing to do well. They have to decide based on if the dispute can have a quick resolution or will be prolonged,” he adds. Delhi-based corporate lawyer Anuroop Omkar, founding partner of law firm AK &amp; Partners says that minority shareholders are very low in the pecking order when it comes to their ability to act. “Even in an insolvency, they’re below secured creditors,” he says. There is a provision in the Company Act 2013 called ‘Oppression and mismanagement in a company’ which protects minority rights. Mismanagement can be defined as conducting company affairs in a prejudicial, dishonest or inept manner. “But this can’t be invoked in the Raymond case, as it’s a personal battle,” he adds. Top corporate battles that affected shareholder value <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Feud </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Effect </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Family dispute between Mukesh Ambani &amp; Anil Ambani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2004 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Culminated into a split of the company &amp; a court battle over natural gas sales later </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dispute between promoter Narayana Murthy &amp; Vishal Sikka, the CEO over functioning of the company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2017 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sikka quit the company </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Family members Sungandha Hiremath and Baba Kalyani battle over Hikal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The case over family arrangement made in 1994 is being heard in Bombay High Court </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cousins Prakash and Deepak Chhabria battle over control of Finolex </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The case is with courts and National Company Law Appellate Tribunal (NCLAT) </td></tr></tbody></table> Between stock &amp; a hard place There is no third option for shareholders, even if they lose faith in the promoters’ ability to conduct business. They can only wait and watch, experts say. “Minority shareholders will have to rely on the Board and independent directors to act on their behalf,” Shriram Subramanian, founder &amp; MD of proxy advisory firm InGovern tells Business Insider India. In Raymond’s case, the board of directors can investigate based on allegations made by Modi that company funds have been misused. “The Board has to ringfence the company from utilization of funds by Gautam Singhania for any personal legal matters,” adds Subramanian. Institutional advisory firm IiAS also wrote an open letter seeking independent investigation by the board, asking them to send promoters on leave till investigation is complete. “Independent directors have a fiduciary responsibility towards minority investors, employees and a larger set of the company’s stakeholders. Therefore, you will need to dispassionately separate ownership from management,” IiAS’ letter says. Legal recourse: A double-edged sword There is, however, a way for minority shareholders to edge into the board, with the help of courts. “If there is a case of harassment or erratic behaviour, many entities related to the company like vendors, employees can file a class-action lawsuit wherein shareholders can join in too. But it doesn’t happen too often in India,” says Omakar. Only Foreign Institutional Investors (FII) who have over 1% stake in the company or a high-networth individual (HNI) who can afford to take up such long-standing fights. Subramanian believes that fighting for rights comes at a cost for minority shareholders. Also, the rights need to be exercised with responsibility. Minority shareholders, depending on their shareholding, can exert their rights to bring about change in the company, including change of directors, appointment of new directors, etc. Legal recourse can also work against the long-term interests of shareholders too. “There can be a major share price drop if a legal battle is taken up,” says Omkar. That can go against the interests of shareholders who want to protect the value of their investments. Until then, stock experts advise shareholders to read up on the corporate governance track record of companies and take a call on whether they want to hold on or sell out from a company engaged in a battle of its own. SEE ALSO <a href="https://www.businessinsider.in/finance/news/rbi-governor-asks-realty-companies-to-stress-test-their-books/articleshow/105411235.cms">RBI governor asks realty companies to stress test their books</a> <a href="https://www.businessinsider.in/policy/economy/news/rupee-hits-a-new-low-in-november-despite-fall-in-dollar-index/articleshow/105551439.cms">Rupee hits a new low in November despite fall in dollar index</a>

Minority shareholders must grin and bear it when promoters wash dirty laundry in public

New Delhi, Feb 7 () The government on Friday assured Rajya Sabha that workers' interests will not be compromised while framing norms for ease of doing business.Commerce Minister Piyush Goyal told the house during Question Hour that the recommendations of the Baba Kalyani Committee relating to simplification and ease ofdoing business were being discussed. "On most of the recommendations, I have personally had more than three meetings with the Baba Kalyani Committee. We have reviewed each of the recommendations. On all those that were administratively possible, we have made an effort to try and resolve as soon as possible, in consultation with the Committee. "Some required legal and legislative changes which I will bring to the House very shortly...once we have made up our mind considering also that in WTO we are fighting a case in which certain countries have gone against India and our efforts to promote exports through SEZs. As far as the changes that we have already done on the Baba Kalyani Committee report, we believe that it has helped in the ease of doing business," he told the house. "I can assure...that our Prime Minister Narendra Modi has always been pro-worker. We have always had extensive consultations with all unions, including CITU, BMS and all others, and the government has had several rounds of discussions and at no point of time will the workers' interests ever be compromised. I think one must have a healthy debate," he said.The minister, however, said there are certain challenges at the international level which one has to recognise and sometimes very tight labour laws become a disincentive to manufacture in India and to create new jobs. "So, it is something where workers, government and employees will have to work together to find solutions which are in the interest of the country first, and obviously of the workers also. But one must also recognise that the workers are also very keen that there should be new opportunity for jobs, new opportunity for generating economic activity which will give jobs to our young boys and girls for which a little more flexible approach on all sides is required," he said. SKC SMN

Workers' interests won't be compromised while framing norms for ease of doing business: Govt

With the news of demise of J&amp;K Chief Minister Mufti Muhammad Sayeed goes a dignified man from this world who lived the life of a true Indian Muslim to say the least. Born to a humble family in south Kashmir’s Bijbehara area of Anantnag district on January 12, 1936, he looked at the conflicted region of Kashmir through the prism of Indian ethos. 
 
Several times, he lifted the tricolor in the Valley knowing that it was life-threatening from him to do so. In a political career spanning nearly six decades, the veteran politician who entered the political field in the 1950s emerged as a rival power centre to the mighty Abdullahs, making friends with parties following conflicting ideologies to suit his political agenda. 
 
<a href="http://www.businessinsider.in/Jammu-and-Kashmir-CM-Mufti-Mohammad-Sayeed-passes-away-at-79/articleshow/50478820.cms">ALSO READ: Jammu and Kashmir CM Mufti Mohammad Sayeed passes away at 79</a> 
 
Childhood: Born in Baba Mohalla of Bijbehara, Sayeed had his early education at a local school and graduated from SP College, Srinagar. He went on to obtain a law degree and Master's degree in Arab History from Aligarh Muslim University. 
 
Late 1950s: He cut his political teeth early, having joined the Democratic National Conference of GM Sadiq in the late 1950s. Recognising the potential of the young lawyer, Sadiq appointed him as the District Convenor of the party. 
 
1962: Sayeed was elected to the state assembly from Bijbehara, the seat which he retained five years later. He was appointed a Deputy Minister by Sadiq, who by then had become Chief Minister. However, he fell out with the party a few years later and joined the Indian National Congress, a courageous but risky decision at that time given the unstinted support of most Kashmiris to Sheikh Mohammad Abdullah, who was in jail. Considered an astute organiser and administrator, Sayeed ensured that Congress not only got a foothold in the Valley but created pockets of staunch support for the party. 
 
1972: He became a Cabinet Minister and also Congress party's leader in the Legislative Council. He was made the state Congress president a couple of years later. As he rapidly grew in stature, Sayeed saw himself as the next Chief Minister of the state. However, all hopes he might have harboured of occupying the hot seat were dashed when the then Prime Minister <keyword id="6354478" type="PERSON" weightage="20" keywordseo="Indira-Gandhi">Indira Gandhi</keyword> entered into an accord with Abdullah and facilitated his return as chief minister after a hiatus of 11 years, much against the wishes of Congress workers in general and Sayeed in particular. 
 
Not the one to give up easily, Sayeed engineered a coup of sorts ahead of the 1977 elections as Congress withdrew support to Abdullah's government. The aim was to have a Congress Chief Minister - which would have been Sayeed - in place for elections to control the official machinery but Governor LK Jha brought the state under Governor's rule. It was the first time that Jammu and Kashmir was brought under Governor's rule. . 
 
1977: Assembly election results killed Sayeed's dream of becoming the Chief Minister as Abdullah's National Conference came to power with a thumping majority. 
 
1986: As Farooq Abdullah warmed up to <keyword id="12596" type="PERSON" weightage="20" keywordseo="Rajiv-Gandhi">Rajiv Gandhi</keyword> in 1986 to ensure his return as Chief Minister ahead of the 1987 assembly elections, Sayeed was shifted to Delhi and appointed as the Union Minister for Tourism and Civil Aviation. <keyword id="222693" type="COMPANY" weightage="20" keywordseo="The-National">The National</keyword> Conference and Abdullahs have privately held the wily man from south Kashmir responsible for the intra-party rebellion against and subsequent dismissal of Farooq Abdullah by Governor Jagmohan in 1984. The power tussle between Farooq and his brother-in-law GM Shah led to a permanent estrangement and also saw the latter becoming Chief Minister with Congress support. 
Sayeed was a key player when Governor's Rule was imposed for the second time in the state in 1986. Shah's tenure also did not last long as Congress headed by Sayeed withdrew support to his government leading to imposition of Governor's rule for the second time in 1986. 
 
1987: Sayeed meanwhile quit as tourism minister in 1987 and later co-founded Jan Morcha with VP Singh, who had quit Congress over the Bofors scandal. 
 
1989: He won the Lok Sabha election from Muzaffarnagar in Uttar Pradesh as a <keyword id="123462" type="ORGANIZATION" weightage="20" keywordseo="Janata-Dal">Janata Dal</keyword> candidate and became Union Home Minister in VP Singh's cabinet. The high-points in the political journey of Sayeed, who would have turned 80 on January 12, was his being catapulted to the chair of free India's first Muslim Home Minister at a time when militancy broke out in Kashmir and, years later, becoming the Chief Minister of the restive state for a second time in 2015, heading a coalition with BJP, which had its first brush with power in the only Muslim-majority state. 
 
Sayeed's stint in the Home Ministry, at a time when militancy had begun to rear its ugly head in his home state, would, however, be most remembered for the kidnapping of his third daughter Rubaiya by JKLF. The militants demanded freeing five of their comrades in exchange for Rubaiya's freedom and let her off only after their demand had been met. The kidnapping and subsequent release of the militants, according to Sayeed's rivals, projected India as a "soft state" for the first time. He appointed Jagmohan as Governor despite protests by Farooq Abdullah, who resigned and the state came under Governor's rule again in 1990. 
 
1998: Towards the end of PV Narsimha Rao's tenure as Prime Minister, Sayeed returned to Congress fold with daughter Mehbooba Mufti. Sayeed won the Anantnag Lok Sabha seat in 1998 general elections, while Mehbooba became Congress MLA in 1996. 
While the state was brought under <a href="http://www.businessinsider.in/A-Fractured-Verdict-Paves-Way-For-Governors-Rule/articleshow/45826306.cms">Governor's Rule in 2002 and 2014</a> due to Sayeed taking time to thrash out coalition dispensations with Congress and BJP respectively, it was his manoeuvrings that saw a democratically elected government give way to administration by the Raj Bhawan in 2008. 
 
1999: With his dream of becoming Chief Minister of the state still unfulfilled, Sayeed parted ways with Congress and floated a regional outfit - Peoples Democratic Party (PDP) - in 1999. Some of the things associated with the PDP are considered exemplary of Sayeed's political genius. 
The green flag and pen-inkpot election symbol of the PDP were lifted straight from the Muslim United Front (MUF) - the Jamaat-e-Islami-led conglomerate of anti-National Conference, anti-Congress parties in 1987 assembly elections. 
 
2002: Though MUF received wide public support in the Valley, it had only four seats to show. Its symbols found ready acceptance in the Valley as PDP made significant gains and won 16 seats in the 2002 assembly elections. Although way short of majority in the 87-member house, Sayeed managed to bargain with Congress and secure a three-year stint as the Chief Minister on rotational basis. Sayeed was sworn in as the ninth chief minister of state on November 2, 2002 - fulfilling a long-standing dream. 
 
2008: The wily politician, who enjoyed good relations across the political spectrum at national level, saw his PDP grow to 21 seats in 2008 Assembly elections but surprisingly decided to sit in the opposition. He withdrew support to coalition government headed by Congress' Ghulam Nabi Azad in July 2008 following widespread protests over the Amarnath land allotment row that pitted the people of Hindu-dominated Jammu region against the Muslim-majority Kashmir Valley. 
 
2014: The youngest party in the state continued to gain in strength as it not only won all the three Lok Sabha seats in the Valley in 2014 general elections but also emerged as the single largest party in the state elections later in the year. Sayeed became the unanimous choice for Chief Minister when PDP and BJP reached an agreement to form a coalition government and took oath on March 1, 2015. 
 
(image credits: JKPDP website)

You Searched For "Baba Kalyani law suit" and got 5 results

Chairman of Bharat Forge, Baba Kalyani, in legal trouble as niece files suit, claims one-ninth of the estate as her share

BI India Bureau

Mutual fraternity is necessary to maintain equality in country: CJI Chandrachud

PTI

Minority shareholders must grin and bear it when promoters wash dirty laundry in public

Katya Naidu

Workers' interests won't be compromised while framing norms for ease of doing business: Govt

PTI

How this two-time J&K CM rose from being a lawyer to becoming a political powerhouse #RIPMohammadMuftiSayeed

Anushree Singh

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