Kalyani Investment Company Limited (KICL) has announced a Special Call Auction for its equity shares, scheduled for October 29, 2025, on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). This development comes as part of a broader initiative for Investment Holding Companies (IHCs) and aims to facilitate price discovery for KICL's shares.

Key Details of the Special Call Auction

Background and Significance

The special auction process follows circulars issued by NSE and BSE on October 15, 2025, which are in line with the Securities and Exchange Board of India (SEBI) regulations for Investment Holding Companies. KICL, identified as an eligible IHC, will participate in this process to determine a fair market price for its shares.

Company's Official Communication

In an official intimation to the stock exchanges dated October 17, 2025, Nihal Gupta, Company Secretary & Compliance Officer of Kalyani Investment Company Limited, confirmed the company's participation in the Special Call Auction. The communication emphasized that this auction is specifically for price discovery purposes.

Implications for Investors

This Special Call Auction presents a unique opportunity for market participants to engage in the price discovery process for KICL's shares. It may potentially lead to more accurate valuation and increased liquidity for the stock. Investors and market watchers are advised to closely monitor the outcomes of this auction, as it could influence future trading patterns and valuations of KICL shares.

The implementation of such auctions for Investment Holding Companies reflects SEBI's ongoing efforts to enhance transparency and efficiency in the Indian capital markets, particularly for companies with complex holding structures.

As the auction date approaches, stakeholders are encouraged to stay informed about any additional guidelines or information that may be released by the regulatory bodies or the company itself.

Kalyani Investment Company Limited has issued a robust defense of the proposed appointment of Mr. Amit Kalyani as a non-executive director of Hikal Limited, challenging the negative recommendation by Institutional Investors Advisory Services (IIAS).

Dispute Context

The controversy stems from IIAS advising shareholders to vote against Kalyani's appointment at Hikal's upcoming annual general meeting on September 23, 2025. IIAS cited concerns over an ongoing dispute between two promoter groups regarding a 1994 family arrangement.

Kalyani Investment's Response

In a detailed response, Kalyani Investment, which owns a 31.36% stake in Hikal, argued several points:

• Previous Support: IIAS supported a similar reappointment in September 2023 despite the same dispute being pending.

• Limited Involvement: Amit Kalyani is not a signatory to the family arrangement and has been made a party solely in his capacity as Chairman of investment companies.

• Professional Management: Hikal is professionally managed, and Kalyani's continuation as a Non-Executive Director is not expected to impact overall Board functioning.

• No Material Impact: Hikal has previously stated that the dispute is not expected to negatively impact the company's performance or operations.

Legal Developments

Kalyani Investment also highlighted that a Pune sessions court order directing reinvestigation into a 2017 suicide case involving Amit Kalyani has been stayed by the Bombay High Court on August 12, 2025.

Stakeholder Empowerment Services Support

Notably, Stakeholders Empowerment Services (SES), another proxy advisory firm, has recommended voting in favor of Amit Kalyani's appointment, stating no governance concerns were identified.

Conclusion

Kalyani Investment has urged IIAS to reconsider its voting recommendation and bring these facts to the attention of its subscribers. The company's strong rebuttal underscores the complexities of corporate governance in family-owned businesses and the importance of transparent communication with shareholders and advisory services.