Sunjay Kapur died on June 12 after a coronary heart assault within the UK on the age of 53. On the time he was chairman of the auto element enterprise based by his late father, Surinder Kapur. Sona Comstar is the flagship of the Sona Group and is valued at Rs 29,186 crore.
The promoters personal 28.02 per cent held primarily through Aureus Funding Personal Restricted.
Sona Comstar stated the board had obtained Rani Kapur’s written communication late on Thursday and “out of respect and regards” for her sought an exterior authorized opinion. Based mostly on the recommendation obtained, it couldn’t accede to her request and went forward with the AGM primarily as a result of “Mrs Rani Kapur isn’t a shareholder of Sona Comstar,” it stated in an announcement to the exchanges.
Reside Occasions
Rani Kapur had on Thursday had sought deferment of the AGM alleging that she was “coerced” into signing paperwork behind locked doorways when she was grieving, and that some individuals have been making an attempt to usurp the Kapur household legacy. She has not particularly named anybody within the letter she wrote to the Securities and Trade Board of India (Sebi). She had additionally objected to the appointment of sure administrators as representatives of the Kapur household.
“I’ve been knowledgeable that sure persons are representing themselves as being the biggest shareholders of the corporate since they declare to symbolize the curiosity of the household within the firm. I’m absolutely satisfied that the paperwork which have been executed by me underneath coercion and duress, submit the demise of my son, at a time of psychological and emotional vulnerability are being misused,” Kapur had stated within the letter to Sebi. “For the document, I state that I’ve not given any consent or formally nominated any individual to return on the 0board of the corporate or another Sona Group firm after my son’s demise or given any consent to any individual to symbolize me in any capability earlier than the corporate and or another Sona Group firm.”
At Friday’s AGM, Sona Comstar shareholders voted in favour of assorted appointments together with that of Sunjay Kapur’s widow Priya Sachdev Kapur as a non-executive director with a 99.4% majority.
ET has learnt that Rani Kapur, who claims to carry majority possession within the Sona Group by advantage of her late husband’s will from 2015, could subsequent week transfer the excessive courtroom looking for a declaration that she continues to be a shareholder and was refrained from voting on the AGM. She can be prone to method the Nationwide Firm Legislation Tribunal alleging oppression and mismanagement on the firm, sources added.
Nonetheless, senior lawyer Vaibhav Gaggar representing Rani Kapur, denied initiating authorized motion at this stage.
Sona Comstar defended its determination to proceed with the AGM as scheduled, saying this was in full compliance with relevant legal guidelines and regulatory timelines, rejecting Rani Kapur’s claims of “coercion” and misconduct raised by her following her son’s dying.
The Gurgaon-based firm additionally denied the accusation relating to paperwork.
“For readability, the corporate confirms that no paperwork have been signed or obtained from Mrs Rani Kapur by the corporate following the passing of Mr Sunjay Kapur,” the corporate stated in its assertion.
In accordance with Sona Comstar, in Might 2019, the corporate obtained a declaration of serious useful possession figuring out Sunjay Kapur as the only useful proprietor of RK Household Belief, a big shareholder of Aureus Investments Personal Restricted (AIPL), the promoter firm.
“As per firm information, Mrs Rani Kapur has not been a shareholder of the corporate not less than since 2019,” the corporate stated. “Mrs Priya Sachdev Kapur was appointed as a non-executive director primarily based on a nomination obtained from M/s Aureus Investments Personal Ltd. Her appointment was duly reviewed by the board’s nomination and remuneration committee and authorised by the board of administrators of the corporate.”
After Surinder Kapur’s dying, son Sunjay took over because the managing director of Sona BLW Precision Forgings. Rani Kapur served as chairperson of the corporate and sole beneficiary of Surinder Kapur’s property, in accordance with her letter. She stated within the letter that she’s the biggest shareholder of the Sona Group, together with the titular firm.
She alleged gross illegalities have taken place on the firm.
“I’ve additionally been supplied with sure info prior to now couple of days from sure well-wishers which leaves me very disturbed with respect to how issues have transpired not simply with respect to the household but additionally the corporate and the legacy of my late husband,” she stated.
She additionally raised considerations over latest developments inside the firm’s management construction, alleging that appointments to the board have been being pursued with out her data or consent.
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