Auto component major Sona Comstar has clarified that Rani Kapur, mother of late Sunjay Kapur, has 'no locus standi' on any matter related to the company. It also denied any assertion of the company being a family-run business as 'factually incorrect and misleading'. The company added that Kapur was not coerced into signing any document.
“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. Any insinuation that she was coerced into signing documents or that her consent is required for company affairs is completely baseless and legally untenable,” said Sona Comstar in a press statement on Monday.
The company’s statement on Kapur’s role and allegations came days after she wrote a letter to the board in which she revealed a sinister plot alleging that she was forced to sign critical documents behind closed doors a month after the shocking demise of Sona Comstar's former chairperson and her son Sunjay Kapur.
Rani Kapur identified herself as the majority shareholder of the Sona Group, which includes Sona Comstar. She questioned the board's decision to appoint "certain people“ representing themselves as the largest shareholders. As per sources, “certain people” refers to Priya Sachdev Kapur, her daughter-in-law.
Sona Comstar said that it is governed by a professional management and an independent board. Since the IPO in 2021, the promoter entity -- Aureus Investments Private Ltd. -- has held only one non-executive board seat. The current board of nine members includes two executive directors -- both seasoned professionals with no affiliation to the Kapur family -- and six independent directors with exemplary reputations and distinguished careers.
“The promoter entity holds no executive roles and has no involvement in day-to-day management or strategic control of the company,” it said. Sona Comstar is a publicly listed company with approximately 71.98% of its shareholding held by institutional and public investors. The promoter entity holds a stake of 28.02% and exercises no special rights or control.
Sona also said that the re-appointment of Jeffrey Mark Overly for a second term as an independent director and the appointment of Priya Sachdev Kapur as non-executive director to the Board were fully compliant with all applicable laws and corporate governance norms.