Sona BLW: Board independent, not family-run, Rani Kapur has no role
Sona BLW expressed concern that the "continued dissemination" of what it terms "false narratives" for "personal legal agendas" is eroding shareholder value.
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Sona Comstar) today issued a fresh, assertive statement reiterating its stance against alleged attempts by Rani Kapur, mother of the late Sunjay Kapur, to assert family representation on its board. The company vehemently denied any assertion of being a family-run business, labelling such claims as "factually incorrect and misleading," and emphasized its commitment to protecting shareholders' interests.
In a detailed press release dated July 28, Sona BLW clarified that Rani Kapur holds "no locus standi" on any company matter, asserting she has had no role in the firm "since at least 2019." The statement also dismissed claims that she was coerced into signing documents, deeming them baseless. The company underscored that recent board appointments received overwhelming shareholder ratification.
Rani Kapur Not a Shareholder, Company Asserts
Sona BLW specifically addressed the letter sent by Rani Kapur's legal representative on July 25, which sought to defer a board meeting. The company unequivocally stated that Rani Kapur is neither a shareholder nor an official, and her consent is not legally required for business operations.
"Mrs. Rani Kapur has had no role, direct or indirect, in Sona Comstar since at least 2019. She is neither a shareholder, director, nor officer of the Company. As such, she has no locus standi on any matter related to the Company," the statement read. "Any insinuation that she was coerced into signing documents or that her consent is required for Company affairs is completely baseless and legally untenable."
Sona BLW stressed its governance model, highlighting its professional management and an independent board. The company noted that its promoter entity, Aureus Investments, has held only one non-executive board seat since the company's public listing. The current nine-member board includes six independent directors and two executive directors, with no familial ties to the Kapur family.
"The current board of 9 members include two executive directors — both seasoned professionals with no affiliation to the Kapur family — and six independent directors with exemplary reputations and distinguished careers," the company stated. "The promoter entity holds no executive roles and has no involvement in day-to-day management or strategic control of the Company."
"Not a Family-Run Business"
Further dispelling the "family-run business" narrative, Sona BLW highlighted its ownership structure: institutional and public investors hold 71.98% of the shareholding. "The promoter entity holds a stake of 28.02% and exercises no special rights or control. The assertion that the Company is a family-run business is factually incorrect and misleading," the statement reiterated.
Following the untimely demise of Sunjay Kapur on June 12, the board re-appointed industry veteran Jeffrey Mark Overly as an Independent Director and later, Priya Sachdev Kapur as a Non-Executive Director. Sona BLW confirmed these decisions were "fully compliant" with all laws and corporate governance norms.
"Their appointments were ratified by an overwhelming majority of shareholders — 98.9% and 99.4% respectively — clearly reflecting broad investor confidence," the company added.
"False Narratives" Hurting Shareholders
Sona BLW expressed concern that the "continued dissemination" of what it terms "false narratives" for "personal legal agendas" is eroding shareholder value. "With over 400,000 public shareholders, such actions are not only reckless but deeply harmful to the interests of the company," the company warned. Shares of Sona BLW closed down 0.5% on July 28, extending a nearly 3% decline over the past five sessions.
The company's latest statement comes after Rani Kapur had objected to the Annual General Meeting being held amid a period of family mourning and following the "suspicious" death of her son, Sunjay Kapur, who passed away at 53 after a heart attack in the UK. In her letter to the board, Rani Kapur had claimed to be the sole beneficiary of her late husband Surinder Kapur's estate and the majority shareholder of the Sona Group, including Sona Comstar.
