Sona Comstar Drama: Cease-and-Desist Letter to Rani Kapur
Episode three of the Kapur family drama unfolded on Monday after Sona Comstar, an automotive parts manufacturer and part of the Rs 30,000 crore Sona Group, sent a cease-and-desist letter to Rani Kapur. She is the mother of the late ex-Chairman Sunjay Kapur, who passed away in England in June.
Accusations and Claims
The letter accused Ms. Kapur of defaming the company and causing damage. This came after she claimed majority shareholder status and alleged coercion in supporting the nomination of her daughter-in-law, Priya Sachdev Kapur, as a non-executive director. Ms. Kapur and her advisors are yet to respond to these allegations.
Last week, Ms. Kapur urged Sona Comstar to postpone its Annual General Meeting (AGM). She stated that she was forced to sign documents without proper understanding and time for consideration. Additionally, she cited concerns from sources about irregularities in the company’s operations.
Furthermore, Ms. Kapur asserted her claim as the sole beneficiary of her late husband Surinder Kapur’s estate, which includes a major stake in the Sona Group encompassing Sona Comstar.
Company’s Response
Sona Comstar’s parent company, Sona BLW Precision Forgings Ltd., clarified that Ms. Kapur ceased to be a shareholder in 2019, hence rejecting her requests to delay the AGM. They highlighted that Sunjay Kapur was identified as the sole beneficial owner in a 2019 declaration.
The company emphasized that Ms. Kapur has no authority related to business matters, emphasizing that Sona Comstar is not a family-run enterprise. They pointed out that the majority of shares are held by institutional and public investors, with no special rights granted to the promoter entity.
Unresolved Grief
Rani Kapur expressed her anguish over not knowing the circumstances of her son’s passing. She emphasized the need for closure before moving on in life.
Mr. Kapur tragically passed away while playing polo in London, with the cause listed as a cardiac arrest. Speculations also suggested a potential anaphylactic shock contributing to his death.
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