Priya Kapur steps into spotlight at Sona Comstar as family feud continues
Priya performed at an industry event organized by the Automotive Component Manufacturers Association (Acma) in New Delhi on Wednesday and detailed how her husband is leading the turnaround of Sona Comstar, a business founded by her father Surinder Kapur in the late 1980s.
Priya’s speech was the 49-year-old executive’s first public statement since her husband’s sudden death from a heart attack while playing polo in the United Kingdom last June and the subsequent family dispute with her mother-in-law Rani Kapur over control of Aureus Investment Private Ltd, the promoter of Sona Comstar, which owns 28% of the Gurugram-based component maker. At the center of the dispute is Sunjay’s property, worth approx. ₹30,000 crore.
“Under Sunjay’s vision and leadership, the company has been reinvented as Sona Comstar through disciplined restructuring, deep technology integration and a sharply refocused global strategy,” he told an audience of automotive and automotive supply industry executives.
The main thrust of his nearly 10-minute speech at the event was to show how the company’s turnaround strategy was created by Sunjay Kapur, based on investment in electric vehicles, exports and technology.
“This transformation was not accidental. It is the result of three bold strategic decisions that accounted for over 85% of our growth, decisions fueled by the tailwinds of ‘Make in India’,” he said.
Priya’s public appearance follows a series of visits to various meetings related to Sona Comstar over the last few months, even as Sunjay’s mother had moved the Delhi High Court to challenge her control over the firm.
According to his LinkedIn profile, late last year he toured the company’s Chennai manufacturing facility and R&D facility with its senior leadership team, including Sona Comstar’s group president Vivek Vikram Singh.
His visit to the facility was followed by his attendance at some meetings on corporate social responsibility at IIT Delhi and Catch Foundation.
Priya joined Sona Comstar’s board in June and her appointment was approved by shareholders in July. The promoter represents the family entity – Aureus Investment Private Ltd.
At the center of the dispute with Rani Kapur is this promoter organisation, where Priya serves as the managing director. The promoter entity is controlled by a trust called RK Family Trust, which consists of four trustees comprising Priya, her son Azarias and Sunjay’s two children along with Karisma Kapoor, Samaira and Kiaan.
Before Sunjay’s death, he was the sole beneficiary of the trust named after Rani Kapur.
In 2017, Rani Kapur transferred all of her shares in Aureus to this foundation, and this foundation made Sunjay Kapur the sole beneficiary of the foundation in 2019. After his death, the beneficiary property was transferred to four trustees.
In a petition filed before the Delhi High Court, Rani Kapur challenged Priya Kapur’s control over the promoter entity, alleging that her shares were fraudulently transferred to the trust in 2017. Priya Kapur filed an application for dismissal of the petition.
On Wednesday, the Delhi High Court issued notice to Rani Kapur on Priya’s application to dismiss the case.
The battle with Rani Kapur comes at a time when Karisma Kapoor has also moved to the Delhi High Court challenging the validity of the will left behind by Sunjay Kapur, which donated all his assets to Priya Kapur in case of his death.
Legal experts say the company’s day-to-day operations have not been affected as Priya has increased her involvement in the company and the wider industry.
“Unless the court passes interim or final orders directly affecting shareholding, voting rights or management control, the day-to-day operations of the company will remain legally isolated,” said Rishabh Gandhi, founder of Rishabh Gandhi and Advocates, a Pune-based corporate law firm. he said.
