Sona BLW Precision Conducts AGM 'On Schedule', Clarifies Rani Kapur 'Not A Shareholder At Least Since 2019'

Sona BLW AGM: Sona BLW Precision Forgings Ltd said on Friday, July 25, that it conducted its annual general meeting (AGM) 'on schedule' and could not defer it based on 'legal counsel' after Rani Kapur, mother of late industrialist Sunjay Kapur, asked for the postponement of the AGM.

In a regulatory filing to the stock exchanges, the auto components major clarified that official records showed Rani Kapur ''has not been a shareholder of the company at least since 2019.'' Kapur alleged coercion, misuse of documents, and unauthorised moves to appoint directors claiming to represent the Kapur family, weeks after her son’s death.

The letter, sent to the board and shareholders and marked to the markets regulator, escalated tensions within the promoter group. The move sent Sona BLW Precision Forgings shares down 3% on Friday. Post-market hours, the company said in its exchange filing, "Late on 24 July 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," added Sona BLW.

Sona BLW's board appointed Jeffery Mark Overly as the company's chairman after the untimely death of chairman Sunjay Kapur last month. It said on Friday, "Following the tragic and untimely passing of Shri Sunjay Kapur on 12 June 2025, the Board of Directors appointed unanimously Mr. Jeffery Mark Overly as Chairman on 23 June 2025."

Sona Comstar comprises 71.98% public shareholding and 28.02% held by its corporate promoter, Aureus Investments Private Limited (AIPL). 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.

Sunjay Kapur's wife, Priya Sachdev Kapur, was appointed as a Non-Executive Director based on a nomination received from AIPL. "Her appointment was duly reviewed by the Board’s Nomination and Remuneration Committee and approved by the Board of Directors," said Sona BLW.

The Board, in its meeting held on 23 June 2025, approved convening the AGM on July 25 to consider the annual financial statements and other business matters. "The AGM notice was issued to all shareholders on 1 July 2025 in accordance with regulatory requirements," clarified the firm.

Sona BLW confirmed that no documents have been signed or obtained from Rani Kapur by the company following the passing of 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," it said.

In the letter she sent to the board, Rani Kapur said, “I reiterate that by virtue of the Will left behind by my late husband, I am the majority shareholder in the company and thereby the only authority to represent the interests of the family in the company/Sona Group."

Kapur said she was approached repeatedly during her period of mourning and pressured to sign documents without any explanation. She claimed she was denied access to accounts and critical company information and said the papers signed under distress were now being misused.

"For the record, I state that I have not given any consent or officially nominated any person to come on the Board of the company or any other Sona Group company after my son’s demise or given any consent to any person to represent me in any capacity before the company and or any other Sona Group company," said the former chairperson of Sona BLW.

“I reiterate, no one has the right currently, unless nominated by me, to represent the Sona Group’s interest in the company. Highly unsettling facts are coming to light and for the sake of the company and the family it is imperative that no decisions are taken tomorrow,” she said.

She requested a two-week deferral of the meeting to allow time for reviewing affairs, alleging that decisions were being rushed while she remained locked out of the company’s operations.

“If the Board and the shareholders however choose to ignore this letter, which I am writing in my capacity of not just being the grieving mother of Sunjay Kapur, but also the head of the Kapur family and the largest shareholder of the company, it would be a clear case of mismanagement and breach of trust by the company,” she added.