Sona Comstar says AGM held with regulatory compliance amid objections by late Sunjay Kapur’s mother
Industrialist Sunjay Kapur’s freak death at a polo match has set off an intense battle involving his mother and wife, with a ₹30,000-crore global company at its centre.
What mother Rani Kapur says
Sunjay’s mother, Rani Kapur, sought to stop an Annual General Meeting of the company, Sona BLW Precision Forgings (Sona Comstar), claiming she’d been made to sign documents under duress after Sunjay’s death on June 23.
She claims to be the sole representative of the Kapur family’s interest in the auto components company. While she has not named anyone, she objected in particular to “passing of a resolution to appoint certain directors”.
That was seen as a reference to Sunjay’s wife, Priya Sachdev Kapur.
Wife Priya Sachdev Kapur appointed to board
The company went ahead with its AGM on July 25, saying that Rani Kapur was not a shareholder since 2019.
And it also appointed Priya Sachdev Kapur as a non-executive director.
Rani Kapur’s letter of July 24 to the board of the company alleged that while the family is in mourning due to the sudden passing of Sunjay last month, “some people have chosen this an opportune time to wrest control and usurp the family legacy”.
Priya Sachdev Kapur, a former model and actor who has also been a corporate leader, has not said anything so far on this.
Citing a will from 10 yrs ago
Rani Kapur claims that as per a will of June 30, 2015, she is the sole beneficiary of her late husband Surinder Kapur’s estate. This makes her a majority shareholder of the Sona group, including its share in the auto components firm.
Sona Comstar is a public limited company since June 2021, with 71.98 per cent public shareholding and 28.02 per cent held by its corporate promoter, Aureus Investments Private Ltd (AIPL), as per its regulatory filings.
The company says Rani Kapur has not been its shareholder at least since 2019.
“In May 2019, the company received a declaration of significant beneficial ownership identifying Shri Sunjay Kapur as the sole beneficial owner of RK Family Trust, a significant shareholder of Aureus Investments Private Ltd (AIPL),” it noted.
Sunjay Kapur’s death ‘highly suspicious’
Rani Kapur also termed the death of her son in the UK in June as having occurred in “highly suspicious and unexplained circumstances”.
Sunjay Kapur, who was once married to actor Karisma Kapoor, died due to a sudden heart attack while playing polo in Windsor, England. Reports indicated that a bee flew into his mouth during the match, which may have led to a heart attack.
Mother Rani Kapur claimed she was compelled to sign various papers while in a fragile emotional state following his death. “The contents of such documents have never been revealed to me,” she wrote in the letter.
Refuting the claims, Sona Comstar said Priya Sachdev Kapur was appointed as a Non-Executive Director based on a nomination received from AIPL. “For clarity, the company confirms that no documents have been signed or obtained from Rani Kapur by the company following the passing of Sunjay Kapur,” it stated.
After Sunjay Kapur passed away in London on June 12, the company’s board unanimously appointed Jeffrey Mark Overly as chairman on June 23.
Forbes stated that Sunjay Kapur had a net worth of $1.2 billion ( ₹10,000 crore+) at the time of his death.
Sunjay is survived by his third wife Priya, mother Rani, children Samaira and Kiaan with ex-wife Karisma Kapoor, and Azarias with Priya; and sisters Mandhira Kapur Smith and Superna Kapur Motwane.
He was first married to fashion designer Nandita Mahtani, from 1996 to 2000.
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