Latest news with #SonaBLWPrecisionForgingsLtd
Business Standard
17 hours ago
- Automotive
- Business Standard
Tata Motors Ltd Slides 3.21%
Tata Motors Ltd has lost 2.6% over last one month compared to 0.25% fall in BSE Auto index and 2.41% drop in the SENSEX Tata Motors Ltd fell 3.21% today to trade at Rs 670.15. The BSE Auto index is down 0.13% to quote at 53360.71. The index is down 0.25 % over last one month. Among the other constituents of the index, Samvardhana Motherson International Ltd decreased 1.46% and Sona BLW Precision Forgings Ltd lost 0.69% on the day. The BSE Auto index went down 10.93 % over last one year compared to the 0.17% surge in benchmark SENSEX. Tata Motors Ltd has lost 2.6% over last one month compared to 0.25% fall in BSE Auto index and 2.41% drop in the SENSEX. On the BSE, 74152 shares were traded in the counter so far compared with average daily volumes of 6.91 lakh shares in the past one month. The stock hit a record high of Rs 1179.05 on 30 Jul 2024. The stock hit a 52-week low of Rs 542.55 on 07 Apr 2025.
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Business Standard
2 days ago
- Business
- Business Standard
Baseless, legally untenable: Sona hits back on Rani Kapur's claims
Sona BLW Precision Forgings Ltd (Sona Comstar) on Monday issued a detailed rebuttal to allegations made by Rani Kapur, mother of late chairman Sunjay Kapur, calling them 'baseless', 'legally untenable', and 'deeply harmful' to the interests of over 400,000 public shareholders. The auto component manufacturer said Kapur has no locus standi in its affairs and that any suggestion of coercion or consent being required from her is false. In a letter to the board on Thursday, Kapur had claimed she was coerced into signing documents behind locked doors following her son's sudden and 'highly suspicious' death on 12 June. She said she was being denied access to her accounts and had been left at the 'mercy' of a select few for survival. She also claimed she had not nominated anyone to represent the Kapur family on the board and demanded that the company defer its annual general meeting (AGM), which was held as scheduled on Friday. In a statement to BSE on Monday, the company clarified that Rani Kapur has had no role — direct or indirect — in the company since at least 2019. 'She is neither a shareholder, director, nor officer of the company,' Sona Comstar said, adding that her claims of being coerced into signing documents are 'completely baseless and legally untenable'. The company also took strong exception to what it described as irresponsible statements and misinformation being circulated in the media. 'The continued dissemination of false narratives in the media to pursue personal legal agendas has resulted in erosion in shareholder value. With over 400,000 public shareholders, such actions are not only reckless but deeply harmful to the interests of the company. It is imperative that those responsible for this value destruction are held accountable,' it added. Sona Comstar also rejected the suggestion that it is a family-run or family-owned business. 'Sona Comstar is a publicly listed company with approximately 71.98 per cent of its shareholding held by institutional and public investors. The promoter entity holds a stake of 28.02 per cent and exercises no special rights or control,' the company stated. 'The assertion that the company is a family-run business is factually incorrect and misleading,' it added. The company stated that it is governed by a professional management team and an independent board. Since its initial public offering (IPO) in 2021, the promoter entity, Aureus Investments Private Ltd, has held only one non-executive board seat. The current board comprises nine directors, including two executive directors with no affiliation to the Kapur family and six independent directors 'with exemplary reputations and distinguished careers'. Sona Comstar said that recent appointments to the board, including the reappointment of Jeffrey Mark Overly as an independent director and the appointment of Priya Sachdev Kapur, wife of the late Sunjay Kapur, as a non-executive director, were fully compliant with all legal and governance norms. 'Both appointments would have passed even without any votes from the promoter entity,' the company said, noting they were ratified by 98.9 per cent and 99.4 per cent of shareholders, respectively.
India.com
3 days ago
- Automotive
- India.com
What is Sunjay Kapur's company Sona Comstar known for? How much inheritance will ex-wife Karisma Kapoor receive?
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. Now, in another update, Shareholders of auto components firm Sona BLW Precision Forgings Ltd have approved the appointment of Priya Sachdev Kapur as a non-executive director with the requisite majority. The company confirmed the decision in a filing to the BSE that was made in an Annual General Meeting (AGM), which took place on July 25. Priya married Sunjay Kapoor, Karisma Kapoor's ex-husband, in 2017. According to Bloomberg, Sona Comstar had a market cap of Rs 2.9 lakh crore (Rs 290,000 crore). If you're wondering, what is Sona Comstar? Sona Comstar is a premier automotive technology company that produces electric vehicle components and drivetrain systems. 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 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. The firm works in the components for electric and hybrid vehicles sector as a supplier of spare parts for global major automotive conglomerates like Tesla, Jaguar, and Land Rover. Sanjay Kapoor joined the board of Sona Comstar as a Director in 2006 and became Managing Director in 2015. During his time as Managing Director, Sanjay not only guided the company out of debt but established it in many territories including the USA, China, Serbia, and Mexico. He successfully listed the company stock on the stock exchange in 2019. According to Forbes, Sanjay Kapoor had a net worth of Rs 10,300 crore. He had luxury residences in Pali Hill (Mumbai), Emirates Hills (Dubai), and Mayfair (London), and owned luxury cars valued at Rs 25 crore. According to the official website of Sona Comstar, in 2015, Mr. Kapur assumed the role of Managing Director following the passing of his father and the Company's founder, Dr. Surinder Kapur. At a time when the Company was navigating significant financial challenges, he led its turnaround by stabilizing finances, expanding export business, and transforming its product portfolio from conventional differential gears to integrated electric vehicle driveline solutions. 'Under his chairmanship, Sona Comstar expanded its global footprint across India, the USA, Mexico, China, and Serbia, successfully listed on BSE Ltd. and the National Stock Exchange of India Ltd., and entered future mobility domains such as sensors and software through the acquisition of a majority stake in Novelic, reads the website. There is often a question as to whether actress Karisma Kapoor will get a share from any inheritance? The answer is no. Karisma was given a settlement of Rs 70 crore at the time of her divorce. There were Rs 14 crore of bonds purchased in each of their children, Samaira and Kiaan's names. Additionally, she was given a monthly allowance of Rs 10 lakh. With those details in mind, there is very little chance she will benefit further from the property.
Hindustan Times
4 days ago
- Automotive
- Hindustan Times
Sona Comstar appoints Sunjay Kapur's wife Priya Sachdev as non-executive director amid family tensions
Shareholders of auto components manufacturer Sona BLW Precision Forgings Ltd (Sona Comstar) have approved the appointment of Priya Sachdev Kapur as a non-executive director, amid growing tensions within the Kapur family following the sudden death of Sunjay Kapur. Priya Sachdev Kapur with her husband Sunjay Kapur, former chairman of Sona Comstar. At the company's annual general meeting held on July 25, shareholders passed the resolution appointing Priya, wife of late Sunjay Kapur, with 99.44 per cent votes in favour, the company said in a regulatory filing. Her appointment as an additional director in the capacity of non-executive director took effect from June 23, 2025. Sunjay Kapur, who chaired the Gurugram-headquartered auto parts firm, died on June 12 while playing polo in London. Following his death, the board unanimously appointed Jeffery Mark Overly as chairman on June 23. Rani Kapur alleges power grab, questions son's death However, in a letter to the board dated July 24, Rani Kapur, Sunjay's mother and former chairperson of the Sona Group, alleged that certain people had used the family's period of mourning as an opportunity to 'wrest control and usurp the family legacy.' She also raised questions over the circumstances surrounding her son's death. In a statement issued through her legal counsel, senior advocate Vaibhav Gaggar, she contested the official version of events. 'For my client, as a mother, it's deeply painful to watch this being dismissed as a mere freak accident and cardiac arrest. The truth doesn't match the headlines,' Gaggar said. 'She would not stay silent until that truth is acknowledged,' he added. Rani Kapur also alleged she was pressured into signing documents under distress shortly after Sunjay's passing. She had urged the board to cancel the AGM and warned against the appointment of any new directors under the current circumstances. While she has not initiated legal action, Gaggar said she has sought deferment of the AGM and 'reserves all her rights.' Sunjay Kapur's final rites were performed in Delhi on June 19. He was earlier married to actor Karisma Kapoor, with whom he had two children. After their divorce, he married Priya Sachdev, with whom he had a son, Azarias. With agencies inputs
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Business Standard
4 days ago
- Business
- Business Standard
India Inc faces a surge in family feuds amid succession planning vacuum
India's corporate boardrooms are increasingly becoming battlegrounds for bitter family feuds, as a growing wave of wealth clashes with a persistent reluctance to formalise succession plans. The latest flashpoint: the sudden death of 53-year-old Sunjay Kapur, chairman of auto parts maker Sona BLW Precision Forgings Ltd, has triggered a dispute within the Kapur family. His mother, Rani Kapur, has opposed the appointment of Priya Sachdev Kapur—Sunjay's wife—to the company's board. Mistrust and informality inflame conflicts "There's often a mismatch between the mindset of ageing patriarchs and the aspirations of the next gen,' said Ketan Dalal, founder of tax advisory firm Catalyst Advisors. 'Add in unequal levels of contribution and commitment among family members, lack of shareholder agreements, and weak governance, and you have a recipe for prolonged conflict.' The Kapurs now join a swelling list of prominent Indian business families entangled in litigation over control, including the Kirloskars, the Baba Kalyani family, and the Chhabrias of Finolex. In September last year, a dispute broke out between Bina Modi, chairperson of Godfrey Phillips India, and her sons Samir and Lalit, who accused their mother of defying their late father's will by resisting a sale of the company. Maran brothers truce, others still warring Earlier this month, the feuding Maran brothers announced a truce mediated by Tamil Nadu Chief Minister M K Stalin, The Hindu reported on July 8. In the past, acrimonious family feuds have hit almost all conglomerates, including the Ambani brothers—India Inc's most prominent family—as well as older industrial families like the Birlas and the Bajajs. The Mumbai-based billionaire Lodha brothers announced a truce in May after fighting over the 'Lodha' brand for months. Legacy structures, modern ambitions collide Experts attribute the growing discord to opaque ownership structures, informal arrangements, weakening patriarchs and delayed planning. 'Most Indian families that have expanded in size and in business complexity haven't invested in formal ownership or succession frameworks,' said Dalal. 'When circumstances change and there's no framework in place, disputes are inevitable.' India's liberalisation boom over the past two decades has created massive shareholder value and produced a more educated and globalised next generation. Yet, many legacy businesses remain mired in cross-holdings, Hindu Undivided Family (HUF) structures, and unclear promoter arrangements—leaving room for conflict. Governance must match growth: experts The cultural aversion to a formal structure compounds the problem. Another under-discussed factor is the role of advisors. 'Families are often reluctant to bring in objective advisors or are wary of those introduced by other members,' Dalal noted. 'The suspicion delays engagement, and critical issues remain unresolved.' Underlying all of this is what Dalal calls the 'illusion of immortality'—a belief that difficult decisions on succession or ownership can always be deferred. 'But too often, 'later' becomes too late.' As India Inc continues to create wealth at scale, the absence of clear succession roadmaps threatens to fracture legacy businesses—unless families embrace governance and structure as seriously as growth, say experts. 'Irrespective of the age, every family or person must have a clear succession plan in place so that their descendants don't get involved in a bitter public fracas, as it ultimately leads to shareholder wealth destruction,' said a CEO, requesting anonymity.
