A buyback agreement signed 30 years ago is the only deal between the Hiremaths and Kalyani Group, and the alleged family arrangement of 1994 was “merely a note” by Baba Kalyani’s father Neelkanth Kalyani. Replying to the suit by Jaidev Hiremath and Sugandha Hiremath, promoters of specialty chemical firm Hikal, the affidavit said that “unsigned family arrangement of 1994” was just a note and that it did not reflect the true understanding pertaining to Hikal shares. Further, the lawsuit by the Hiremaths is to prevent Kalyani Group firms from acquiring further shares in Hikal, according to the affidavit filed by industrialist Baba Kalyani. In a limited affidavit that was filed as a reply, Baba Kalyani also stated that Hiremaths’ lawsuit was based on “wrong and false” claims and it should be dismissed.
Go First lenders open to rejigging loans; Lenders expect minimal loss
First up… is on the airline that metaphorically seems to be crashing. Go First lenders Central Bank of India, Bank of Baroda and Deutsche Bank have declined to provide additional finance immediately to the airline but are open to a debt recast. The restructuring will avoid lenders suffering a significant write-down as the loans and debt facilities are currently classified as standard accounts. In more reports,American engine manufacturer Pratt & Whitney said Go First has a long history of missing payments. Pratt & Whitney said “Go First has a lengthy history of missing its financial obligations to Pratt”. The mounting losses at Go First have become financially unsustainable for the Nusli Wadia group. In 2021-22, for the first time, the net loss of the air carrier exceeded the combined net profit of listed firms. Go First reported a net loss of Rs 1,804 crore in FY22. In comparison, the group’s four listed companies –Britannia Industries, Bombay Dyeing, Bombay Burmah Trading Corporation, and National Peroxide — together reported a combined net profit of Rs 1,305 crore.
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