New Delhi, Sept. 22 -- A simmering ownership dispute between Hikal Ltd's co-promoter families, the Kalyanis and the Hiremaths, has now become a test of boardroom governance, with proxy advisory firms divided over the reappointment of Amit Kalyani, son of Bharat Forge chairman Baba Kalyani, as a non-executive non-independent director.

The matter will be taken up at the pharmaceutical and chemicals manufacturer's 37th annual general meeting (AGM) on Tuesday.

As per section 152 of the Companies Act, Amit Kalyani retires by rotation at the AGM and being eligible, he has offered himself for a re-appointment. In fact, the board of directors of the company has recommended Kalyani as director of the company.

Kalyani Investment Co. Ltd (KIL), a...