Auto components manufacturer Sona BLW Precision Forgings Ltd (Sona Comstar) on Friday (July 25) issued a strong clarification following a public appeal from Rani Kapur—former Chairperson and wife of the company’s founder—to defer its Annual General Meeting (AGM). The company maintained that it proceeded with the AGM as scheduled.The development follows a letter from Rani Kapur earlier in the day, wherein she accused certain individuals of coercion and attempting to usurp control of the family’s legacy after the sudden demise of her son, Sunjay Kapur, the company’s then chairman and non-executive director, who died on June 12 while playing polo in the UK.
In response, Sona Comstar clarified that “Mrs Rani Kapur has not been a shareholder of the company at least since 2019,” and therefore her request to delay the AGM held no legal standing. The company also said no documents were signed or obtained from her following Sunjay Kapur’s passing.
“Based on legal counsel and the fact that Mrs. Kapur is not a shareholder of the company, the company concluded that it could not defer the AGM,” it said in a press release dated July 25, adding that the meeting was conducted as per schedule.The company, which is 71.98% publicly held and 28.02% owned by corporate promoter Aureus Investments Pvt Ltd, also clarified that Priya Sachdev Kapur—wife of Sunjay Kapur—was appointed as an Additional Non-Executive Director based on Aureus Investments’ nomination, and her appointment was vetted by the Nomination and Remuneration Committee.
In response, Sona Comstar clarified that “Mrs Rani Kapur has not been a shareholder of the company at least since 2019,” and therefore her request to delay the AGM held no legal standing. The company also said no documents were signed or obtained from her following Sunjay Kapur’s passing.
“Based on legal counsel and the fact that Mrs. Kapur is not a shareholder of the company, the company concluded that it could not defer the AGM,” it said in a press release dated July 25, adding that the meeting was conducted as per schedule.The company, which is 71.98% publicly held and 28.02% owned by corporate promoter Aureus Investments Pvt Ltd, also clarified that Priya Sachdev Kapur—wife of Sunjay Kapur—was appointed as an Additional Non-Executive Director based on Aureus Investments’ nomination, and her appointment was vetted by the Nomination and Remuneration Committee.
Rani Kapur had claimed in her letter that she was the majority shareholder of the Sona Group under the will of her husband, Surinder Kapur, and alleged that she had not authorised any person to act on her behalf in the company. She further accused some individuals of taking advantage of the family’s time of grief to “wrest control and usurp the family legacy.”
Also Read: Sona Comstar family dispute: Here’s everything that has transpired since June
(Edited by : Ajay Vaishnav)
