Hiremath faces key shareholder vote
MUMBAI: Sameer Hiremath faces a shareholder vote on Wednesday that will decide whether he becomes Hikal ’s chairman for the first time. He is vice-chairman and MD of the company, and a nephew of Baba Kalyani, chairman and MD of Bharat Forge.
The vote follows the planned exit of his father, Jai Hiremath, 78, who steps down as chairman next month. It comes amid a bitter feud between the Hiremath and Kalyani branches of the family over assets worth more than Rs 1 lakh crore, with Supreme Court referring the dispute to mediation in July.
Sameer’s appointment as CMD requires a simple majority under an ordinary resolution. The Hiremaths hold about 35% of Hikal, the Kalyani camp 34%. If Sameer, 52, cannot secure his uncle’s backing, the outcome will hinge on public shareholders, who own 31%. ICICI Prudential Fund and Tata Mutual Fund together hold about 6%.
Proxy advisers are split, with IiAS and SES backing the appointment and InGovern against it. IiAS cited leadership continuity and Sameer’s three-decade association with Hikal; SES said it saw no major governance concerns. InGovern cited governance and board-independence concerns.
IiAS noted that with Jai Hiremath’s exit, Sameer would become the sole executive representative of the Hiremath faction at a time when the wider Kalyani-Hiremath dispute, which also touches Hikal’s shareholding control, remains under mediation.
Sugandha Hiremath, 74, Sameer’s mother and Baba’s sister, remains on Hikal’s board in a non-executive capacity. Sameer joined Hikal in Aug 1996 and has served on the board since May 1999. He holds 0.47% of Hikal directly and through Sameer Trust.
InGovern acknowledged Sameer’s qualifications, extensive experience and his uninterrupted board attendance, but argued that combining the chairman and MD roles weakens the separation between oversight and management. Hikal, it said, had proposed no counterbalance such as an independent chair.
Remote electronic voting closed on Tuesday. Shareholders who did not vote electronically can do so at Wednesday’s AGM, with results expected Thursday.
The Hiremaths had taken divergent positions on the Kalyanis’ board reappointments in Hikal. In Dec 2023, they voted against Baba’s reappointment, ending his 31-year tenure on the board in Jan 2024. In Sept 2025, they backed the reappointment of his son, Amit Kalyani, vice-chairman and joint MD of Bharat Forge.
The vote follows the planned exit of his father, Jai Hiremath, 78, who steps down as chairman next month. It comes amid a bitter feud between the Hiremath and Kalyani branches of the family over assets worth more than Rs 1 lakh crore, with Supreme Court referring the dispute to mediation in July.
Sameer’s appointment as CMD requires a simple majority under an ordinary resolution. The Hiremaths hold about 35% of Hikal, the Kalyani camp 34%. If Sameer, 52, cannot secure his uncle’s backing, the outcome will hinge on public shareholders, who own 31%. ICICI Prudential Fund and Tata Mutual Fund together hold about 6%.
Proxy advisers are split, with IiAS and SES backing the appointment and InGovern against it. IiAS cited leadership continuity and Sameer’s three-decade association with Hikal; SES said it saw no major governance concerns. InGovern cited governance and board-independence concerns.
IiAS noted that with Jai Hiremath’s exit, Sameer would become the sole executive representative of the Hiremath faction at a time when the wider Kalyani-Hiremath dispute, which also touches Hikal’s shareholding control, remains under mediation.
Sugandha Hiremath, 74, Sameer’s mother and Baba’s sister, remains on Hikal’s board in a non-executive capacity. Sameer joined Hikal in Aug 1996 and has served on the board since May 1999. He holds 0.47% of Hikal directly and through Sameer Trust.
InGovern acknowledged Sameer’s qualifications, extensive experience and his uninterrupted board attendance, but argued that combining the chairman and MD roles weakens the separation between oversight and management. Hikal, it said, had proposed no counterbalance such as an independent chair.
Remote electronic voting closed on Tuesday. Shareholders who did not vote electronically can do so at Wednesday’s AGM, with results expected Thursday.
The Hiremaths had taken divergent positions on the Kalyanis’ board reappointments in Hikal. In Dec 2023, they voted against Baba’s reappointment, ending his 31-year tenure on the board in Jan 2024. In Sept 2025, they backed the reappointment of his son, Amit Kalyani, vice-chairman and joint MD of Bharat Forge.
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