Auto components giant Sona BLW Precision Forgings (Sona Comstar) on Monday dismissed former chairperson Rani Kapur’s allegations of “coercion” and attempts to “usurp the family legacy” as “baseless and misinformation”, and reiterated that she has had no involvement in the company’s affairs since 2019.
In a statement, the company said Kapur is “neither a shareholder, director, nor officer of the company” and, therefore, has “no locus standi on any matter related to the company.”
AGM appointments spark dispute
Kapur had sought the deferment of Sona Comstar’s 29th annual general meeting, which was held least week. She described her son Sunjay Kapur’s death as sudden and suspicious, and alleged that no formal explanation or documentation had been shared with her regarding the incident. Sunjay Kapur, chairman of Sona Comstar, passed away in London on June 12, reportedly after suffering a heart attack caused by a bee sting while playing polo.
Despite Rani Kapur’s written request to postpone the AGM by two weeks and not proceed with board appointments, Sona Comstar on July 25 appointed Sunjay Kapur’s third wife, Priya Sachdev Kapur, as a non-executive director based on a nomination from Aureus Investments Private Limited (AIPL), the corporate promoter of Sona Comstar. Two days prior, the board had unanimously appointed Jeffrey Mark Overly as chairman.
She said she was kept in the dark about major decisions, including board appointments.
“I have not given any consent or officially nominated any person to come on the Board… or represent me in any capacity,” she wrote. Kapur wrote that “the contents of such documents have never been revealed to me,” and added that they were “executed by me under coercion and duress… at a time of mental and emotional vulnerability.”
Company asserts legal position and governance clarity
Responding to Kapur’s allegations, the company said, “Any insinuation that she was coerced into signing documents or that her consent is required for company affairs is completely baseless and legally untenable.” It also cautioned against what it described as irresponsible statements and misinformation being circulated in the media, stating that such actions are damaging to shareholder value.
“The continued dissemination of false narratives in the media to pursue personal legal agendas have resulted in erosion in shareholder’ value,” the company said.
With over 400,000 public shareholders, the company said such actions are not only reckless but also deeply harmful to the interests of the company, and stressed the importance of holding those responsible for this value destruction accountable.
Sona Comstar underscored its independent and professional board structure, stating that it is “not a family-run business” and that such suggestions are “factually incorrect and misleading.” The promoter entity, AIPL, holds a 28.02% stake and exercises no special rights or operational control, the company said.