Sona Comstar says no documents signed from Rani Kapur, proceeds with AGM

New Delhi, July 25 (IANS) Sona BLW Precision Forgings Ltd (Sona Comstar) on Friday 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.

In a stock exchange filing, the Haryana-based company said Rani Kapur is not a shareholder and no documents were signed or obtained from her by the firm.

"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. The AGM was conducted on schedule, in full compliance with applicable laws and regulatory frameworks. Sona Comstar remains committed to the highest standards of corporate governance and transparency," read the filing.

Rani Kapur had written to the Board of Directors and Shareholders of Sona Comstar to refrain from the appointment of any Director(s) in the Company or any other Sona Group Company and further unconditionally defer the AGM, scheduled for Friday.

In her letter, Rani Kapur alleged she was coerced to sign some documents which are being misused to wrest control of the company and usurp the family legacy after her son's death. She stated that as per the ‘Will’ left behind by her late husband, Dr Surinder Kapur, the founder of Sona Comstar and the Sona Group, she is the majority shareholder in the company and thereby the only authority to represent the interests of the family in the company/Sona Group.

"It is unfortunate that while the family and I are still in mourning, some people have chosen this as an opportune time to wrest control and usurp the family legacy," the letter said.

In the stock exchange filing, Sona Comstar said that late on July 24, 2025, "an email was received from Mrs Rani Kapur requesting a deferment of the AGM. 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".

In May 2019, the company received a declaration of significant beneficial ownership identifying Sunjay Kapur as the sole beneficial owner of RK Family Trust, a significant shareholder of AIPL.

"As per Company records, Mrs Rani Kapur has not been a shareholder of the Company at least since 2019. Mrs Priya Sachdev Kapur was appointed as a Non-Executive Director 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," said the company.

Sona Comstar is a public limited company with 71.98 per cent public shareholding and 28.02 per cent held by its corporate promoter, Aureus Investments Private Limited (AIPL).

--IANS

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