Power struggle grips Sona Comstar after chairperson’s death. At stake: Over ₹8,200 crore promoter shareholding
Sonjay Kapur, President of Comstar Sunjay Kapur, just a month after he died in London, a family dispute exploded on the legacy of one of India’s leading automobile component manufacturers.
Rani Kapur, the mother of Sunjay, who referred to 2015 Will, claimed that Surinder Kapur, the deceased husband and company founder, was the only useful of the property. In a letter to the Comstar Board, he claimed that he was forced to sign certain documents without an explanation by individuals he did not call his content.
In the July 24 letter, Rani Kapur asked the company to postpone the planned annual meeting (AGM) the next day. Some individuals, without the consent of the Kapur family as candidates will be appointed to the Comstar Board expressed the concern.
New appointment
However, Late Sunjay Kapur’s wife, Priya Sachdev Kapur, was appointed as a non -executive director.
Rani Kapur wrote, “Family and I still mourn, while some people have chosen as an opportunity to rush it and seize the family heritage,” Rani Kapur wrote. Mint saw a copy of the letter.
Rani Kapur’s letter, his son “extremely suspicious and explained conditions” died and mourning, “Some people chose it as a suitable time to wrest and seize the family heritage,” he said.
In a press release, Officially called Sona Comstar, called Son Blw Precision Forggs LTD, received the letter. The company said it chose to continue the AGM based on legal recommendations. He also drew attention to the fact that Rani Kapur is not the shareholder of the company.
Aureus
The 28.02% supporter shareholder in BLW is the end. La8,200 crore on Friday.
Apart from Priya Sachdev Kapur, a new appointment was not made in AGM. CEO and MD Vivek Vikram Singh; Independent Director Shradha Suri; and independent director and President Jeffrey Mark were re -appointed.
The company is Aureus Investments Pvt, the supporter company of Comstar in Priya. Ltd. with 28.02 % shares Aureus’s directors include Sunjay Kapur, Dinesh Kumar Agarwal and Priya Kapur, appointed for a daily gap, according to the company Bilgi website Tofler.
In May 2019, the Comstar statement pointed to a statement that describes Sunjay Kapur as the only useful owner of RK Family Trust, an important shareholder of Aureus. According to the company records, Mrs. Rani Kapur added that the company has not been a shareholder since 2019.
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Sona Comstar, “For clarity, the company, after the passing of Mr. Sunjay Kapur’un by the company by Ms. Rani Kapur’dan no document was signed or confirmed that,” he said.
A spokesman said the company’s stance was clarified in a press release. Rani Kapur and Priya Kapur could not reach Mint for a comment. In the midst of the developments of the day, Son Comstar’s shares fell by 4% against 1% decrease in Nifty Auto. The stock has lost the tenth since the death of Kapur.
Rani Kapur’s lawyer Vaibhav Gaggar said the company did not receive any stocks in the company.
“After 2015, he was the one who controls everything for the trust of the family. Regardless of the structures that were fulfilled, he was the president who controlled.
Next steps
With the company rejecting any impact and progress with AGM, Gaggar said that the next steps should be taken by Rani Kapur.
“Nothing has been decided yet in the next steps.”
The structure of the company and the RK Family Trust, the center of the dispute, did not clarify Gaggar, the control of the trustees.
“There is a lot. He will begin to emerge. Mrs. Kapur, talked about very suspicious things.” He said.
As of March 31, 2024, among the shareholders of Aureus Investment, RK Family Trust (65.69%), Raghuvanshi Investment Pvt. LTD, (27.81%) and Sunjay Kapur (6.5%), according to the regulatory statement made in November. Vivek Vikram Singh, MD from Comstar and Kiran Manohar Deshmukh also has a trivial share.
On just a week after Kapur’s death, on June 20, Aureus held an extraordinary general meeting in which Priya Kapur was appointed as the general manager for three years. La1 Crore per month. The reason for this was given as the creation of a comfortable gap because of Kapur’s death.
Rani Kapur, Raghuvanshi Investment Pvt. Ltd, Nitin Sharma, Company Secretary and Dinesh Kumar Agarwal. Kapur was appointed as a director on 19 February 2016, according to legal statements.
Small effect
“The administration was open after the death of Sunjay Kapur after the death of Sunjay Kapur, and the plan was organized. Considering the opportunities for the company in the domestic market, there should be not much impact in the near term,” Geojit Financial Services said John. He said.
Sunjay Kapur died on June 12 this year because of a sudden heart attack while playing a Polo in England. The reports show that a bee flew into the mouth during the match, which may have caused a heart attack. His third wife survived by his wife, Priya, Anne Rani, Child Samaira, Kiaan and Azarias and sisters Mandhira Kapur Smith and Superna Kapur Motwane.
Azarias, Priya and his son. Sunjay’s second wife, Karisma Kapoor and Samaira and Kiaan are their children. He first married Nandita Mahtani.
