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The promoters of Hikal Ltd., Mrs. Sugandha Hiremath and Mr. Jai Hiremath, have provided clarifications addressing allegations made by Kalyani Investment Company Ltd. (KICL) regarding suppression of a significant correspondence linked to a Family Arrangement. They deny all allegations, emphasizing that the disputed letter from the late Mr. N. Vaghul, dated June 16, 2023, was not withheld to manipulate market perceptions. The promoters contend that KICL misinterpreted the contents of this letter and failed to disclose its significance earlier, despite acknowledging its relevance in past discussions about previously established family agreements from 1993 and 1994. They assert the correspondence does not negate prior agreements and affirm ongoing legal proceedings concerning the enforcement of these understandings in the Bombay High Court. The situation presents a complicated backdrop for investors, highlighting the necessity to monitor legal outcomes and potential implications for corporate governance and management stability.