Why Sunjay Kapur’s Death Has Sparked a Corporate Power Struggle in India
In the wake of his sudden death, a corporate power struggle has erupted in India, with Sunjay Kapur’s mother, Rani Kapur, accusing family members of trying to usurp the family legacy.
Sunjay Kapur, the 53-year-old ex-husband of Bollywood actress Karisma Kapoor, died of a heart attack while playing polo in London last month. His death has sent shockwaves through the Indian business community, with his family-owned auto components firm, Sona Comstar, at the center of the controversy.
Rani Kapur, the majority shareholder of the Sona Group, has written to the board of directors of Sona Comstar, alleging that she has been forced to sign documents behind locked doors and has lost access to all her bank accounts. She also claimed that she has not been told or explained about the contents of the documents or the proposed changes to the company’s management structure.
In her letter, Rani Kapur stated that she had been compelled to sign various documents without explanation or even having time to read and understand the same. She also alleged that she has been left to the mercy of a select few for survival and has been denied access to her accounts.
The letter was copied to the Securities and Exchange Board of India (SEBI), the country’s market regulator, and has sparked a power struggle within the Sona Group. Rani Kapur has requested that the company’s annual general meeting (AGM) be postponed by two weeks, citing the need for clarity on the proposed changes to the company’s management structure.
However, Sona Comstar has denied all allegations, stating that it did not defer its AGM, which was scheduled in full compliance with the law, despite Rani Kapur’s request. The company also claimed that Rani Kapur is not a shareholder in Sona Comstar and therefore has no right to intervene in the company’s affairs.
The dispute highlights the complexities of family-owned businesses in India, where power struggles are not uncommon. It also raises questions about the role of SEBI in ensuring corporate governance and protecting the interests of minority shareholders.
Sunjay Kapur’s Death: A Timeline
Sunjay Kapur died of a heart attack while playing polo in London on June 12, 2022. Here is a timeline of events leading up to his death:
- June 12, 2022: Sunjay Kapur dies of a heart attack while playing polo in London.
- June 15, 2022: Rani Kapur writes to the board of directors of Sona Comstar, alleging that she has been forced to sign documents behind locked doors and has lost access to all her bank accounts.
- June 17, 2022: Sona Comstar denies all allegations, stating that it did not defer its AGM, which was scheduled in full compliance with the law, despite Rani Kapur’s request.
What’s Next for Sona Comstar?
The dispute between Rani Kapur and Sona Comstar is likely to continue, with both sides dug in. However, the controversy has raised questions about the role of SEBI in ensuring corporate governance and protecting the interests of minority shareholders. In the meantime, the company’s AGM is expected to go ahead as scheduled, with the proposed changes to the company’s management structure set to be voted on.
As the power struggle continues, investors and stakeholders will be watching closely to see how the dispute unfolds and what the implications are for the company’s future.
