Sona Comstar’s Rani Kapur seeks deferment of upcoming AGM alleging misrepresentation

Sona Comstar’s former Chairperson and wife of the company’s founder, Rani Kapur, has requested deferring the July 25 Annual General Meeting (AGM) of Shareholders,  alleging coercion and misrepresentation.Following the sudden demise of Sunjay Kapur, then Chairman of Sona Comstar, on June 12, the company appointed Jeffrey Mark Overly as the new Chairperson of its Board of Directors, and Priya Sachdev Kapur as an Additional Non-Executive Director.

In a letter, Rani Kapur

said during the grieving period, “I was coerced into signing such documents behind locked doors and though I’ve requested repeatedly, the contents of such documents have never been revealed to me.”
“As per the Will of Surinder Kapur, the founder of Sona Comstar and the Sona Group, executed on June 30, 2015, I am the sole beneficiary of his estate and, accordingly, also a majority shareholder of the Sona Group, including the Company,” Rani Kapur said.”For the record, I state that I have not given any consent or officially nominated any person to come on the Board of the Company or any other Sona Group Company after my son’s demise or given any consent to any person to represent me in any capacity before the Company and or any other Sona Group Company.”

However, sources told CNBC-TV18, the AGM will take place today as planned. Priya Sachdev Kapur will be attending the AGM as the Non-Executive Director and Sona Comstar Group will address Rani Kapur’s letter if the company so decides.

At the AGM, the board of directors of Sona Comstar will decide on the appointment of Priya Sachdev Kapur as a non-executive Director by an ordinary resolution.According to available data, Aureus Investments, promoter entity of Sona Comstar Group, holds a 28% stake in the company while public shareholding stands at 72%. Priya Sachdev is one of the Directors of Aureus Investments.

Aureus Investments has two main shareholders namely S2M Investment Partners Private Limited, which has a 54.48% holding, and Raghuvanshi Investment Private Limited, with a holding of 39.12%, according to EMIS Next.

The other board of directors at Aureus Investments are Dinesh Agarwal, and Sunjay Kapur, along with Priya Sachdev Kapur.

Referring to the resolution being considered to appoint certain Director(s) in the Company at the AGM, Rani Kapur added, “I am fully convinced that the documents which were executed by me under coercion and duress, post the demise of my son, at a time of mental and emotional vulnerability are being misused.”

Rani Kapur requested to postpone the AGM for at least two weeks and asked that it be held on a mutually convenient date.

Shares of Sona BLW are trading ₹477.50, down 2.62% or by ₹12.85 on the BSE.