Sona BLW clarifies no documents obtained from Rani Kapur, proceeded with AGM after legal counsel

Rani Kapur, Sunjay Kapur

Sona BLW Precision Forgings, in a statement on July 25 said that the board proceeded with the Annual General Meeting (AGM) despite a postponement request from Rani Kapur - late Chairman Sunjay Kapur's mother - based on legal counsel, and the fact that she is not a shareholder, adding that no documents were signed or obtained from her by the company.

In its exchange filing, Sona BLW said it signed or received no documents from Rani Kapur after her son's demise. In a letter cited by CNBC-TV18, Rani Kapur had claimed she is the sole beneficiary of her late husband Surinder Kapur's estate, and the majority shareholder of the Sona Group including Sona Comstar.

She had alleged that she was "compelled" to sign various documents without explanation or even having time to read them during the time of mourning, further stating that people were trying to wrest control and usurp the family legacy.

"For clarity, the Company confirms that no documents have been signed or obtained from Mrs. Rani Kapur by the Company following the passing of Mr. Sunjay Kapur," Sona BLW said in its statement.

Sona BLW said that in May 2019, the company received a declaration of significant beneficial ownership identifying Sunjay Kapur as the sole beneficial owner of RK Family Trust. As per company records, Rani Kapur has not been a shareholder at least since 2019 it said.

"Given our respect for Mrs. Kapur, the Company sought urgent legal advice from one of India’s most reputed law firms in relation to the legality of proceeding with the AGM of the Company. Based on the legal counsel and the fact that Mrs. Kapur is not a shareholder of the Company, the Company concluded that it could not defer the AGM," the firm said.

The company stated that the AGM was conducted as per schedule in full compliance with applicable laws and regulatory frameworks. "Sona Comstar remains committed to the highest standards of corporate governance and transparency," it said.

While Rani Kapur didn't take any names, some news reports suggest that Rani was referring to Sunjay Kapur's wife Priya Sachdev Kapur, who took over as a non-executive director at the company after her husband’s demise.

Sona BLW clarified that Priya Sachdev's appointment to the board was based on a nomination received from M/s Aureus Investments Private Limited. "Her appointment was duly reviewed by the Board’s Nomination and Remuneration Committee and approved by the Board of Directors of the Company," it said.

According to the latest data on Sona BLW's shareholding pattern, Rani Kapur and the RK family trust is a promoter group to the company, and she owns 72 shares in the company. Aureus Investments Private Limited owns 28 percent stake in the company.