Sunjay Kapur’s mother challenges appointment of his wife as Sona Comstar director
NEW DELHI: A succession battle has broken out in the family of the late Sunjay Kapur, the promoter of Sona Comstar who died last month following a heart attack during a polo match. Alleging that the death of her son in the UK was “highly suspicious and (under) unexplained circumstances”, Sunjay’s mother Rani sought deferment of the company’s AGM scheduled for Thursday, which, among other matters, had been called to approve the appointment of Priya Sachdev Kapur (Sunjay’s wife) as a non-executive director.The AGM, however, went ahead as scheduled and Priya’s appointment was approved by the board after being reviewed by the nomination and remuneration committee.Sona Comstar: Sunjay Kapur’s mother not co’s shareholder In a letter addressed to the company’s board, Rani – without taking names – had alleged that some people had chosen the AGM as an opportune time to wrest control of the company and usurp the family legacy. She claimed that she had not given consent or officially nominated any person to be on the board of Sona BLW Precision Forgings (Sona Comstar).Rani also claimed that she was compelled to sign various papers while in a fragile emotional state following her son’s death. “The contents of such documents have never been revealed to me,” she was quoted as saying in the letter, according to a news agency.In a statement after the AGM, the company – which is run by non-family professionals (as decided by Sunjay during his lifetime) – denied any wrongdoing, and said that Priya’s appointment had been approved after her name was nominated by Aureus Investments Pvt Ltd, the promoter family entity for Sona Comstar in which the Kapur family held a significant stake.Sona Comstar claimed that Rani is not a shareholder of the company and denied asking her to sign any documents after Sunjay’s death. “Based on the legal counsel and the fact that Rani Kapur is not a shareholder of the company, the company concluded that it could not defer the AGM. For clarity, the company confirms that no documents have been signed or obtained from Rani Kapur following the passing of Sunjay Kapur,” the statement said.It added that the AGM was conducted “in full compliance with applicable laws” and regulatory frameworks. “Sona Comstar remains committed to the highest standards of corporate governance and transparency.”The company said that it had sought urgent legal advice from “one of India’s most reputed law firms” in relation to the legality of proceeding with the AGM after Rani had requested a deferment.In her letter, Rani had stated that certain people were representing themselves as being “the largest shareholders of the company since they claim to represent the interest of the family in the company”.She claimed that by virtue of a will executed by her late husband Surinder Kapur, she is the sole beneficiary of his estate and accordingly a major shareholder of Sona Group, including the auto component firm.
