Sona BLW Precision Forgings Refutes Allegations, Emphasizes Professional Governance
Sona BLW Precision Forgings Ltd. has firmly denied allegations made by Rani Kapur, mother of late Sona Comstar chairman. The company clarified it's not a family-run business, with 71.98% shareholding held by institutional and public investors. Sona BLW stated Rani Kapur has no role or shareholding in the company since 2019. The company defended its director appointments, emphasizing compliance with laws and strong shareholder approval. Sona BLW highlighted its professional management structure, independent board, and expressed concern over false narratives affecting shareholder value. The company refused to postpone its AGM following Rani Kapur's request, citing her lack of standing in company affairs.

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Sona BLW Precision Forgings Ltd. , a leading auto parts manufacturer, has strongly denied allegations made by Rani Kapur, mother of late Sona Comstar chairman Sunjay Kapur, regarding coercion and unauthorized director appointments. The company has issued a comprehensive clarification, addressing various points of contention and emphasizing its commitment to transparency and good governance.
Denial of Family-Run Business Claims
Sona BLW has categorically stated that it is not a 'family-run' business, contrary to allegations. The company clarified that approximately 71.98% of its shareholding is held by institutional and public investors, with the promoter entity holding only a 28.02% stake. This ownership structure underscores the company's status as a professionally managed, publicly listed entity.
Rani Kapur's Role and Shareholding
The company has firmly stated that Rani Kapur has not held any direct or indirect role in Sona Comstar since at least 2019. According to official records, she is neither a shareholder, director, nor officer of the company. Sona BLW described her claims of being coerced to sign documents as 'legally untenable' and emphasized that she has no locus standi on any matter related to the company.
Board Appointments and Shareholder Approval
Addressing concerns about director appointments, Sona BLW defended the reappointment of Jeffrey Mark Overly as an Independent Director and the appointment of Priya Sachdev Kapur as a Non-Executive Director. The company stated that these appointments were fully compliant with all applicable laws and corporate governance norms. Notably, both appointments received overwhelming shareholder approval, with 98.90% and 99.40% votes in favor, respectively.
Professional Management and Board Composition
Sona BLW highlighted its professional management structure and independent board governance. The company's board consists of nine members, including:
- Two executive directors with no affiliation to the Kapur family
- Six independent directors
- One non-executive board seat held by the promoter entity
The company emphasized that the promoter entity has no involvement in day-to-day management or strategic control.
Concerns Over False Narratives
The company expressed deep concern over the dissemination of false narratives in the media, describing such actions as 'reckless' and 'deeply harmful' to company interests. Sona BLW stated that these unfounded allegations have resulted in erosion of shareholder value, affecting over 400,000 public shareholders.
AGM Postponement Request
After receiving Rani Kapur's request to defer the Annual General Meeting (AGM), the company sought legal advice. Sona BLW concluded that it could not postpone the meeting since Rani Kapur is not a shareholder and has no standing in company affairs.
In conclusion, Sona BLW Precision Forgings has strongly refuted all allegations, emphasizing its commitment to professional management, transparent governance, and the protection of all stakeholders' interests. The company urges stakeholders to rely solely on verified information and official company disclosures filed with stock exchanges and regulatory authorities.
Historical Stock Returns for Sona BLW Precision Forgings
1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
---|---|---|---|---|---|
-2.55% | -8.40% | -6.61% | -10.86% | -33.82% | +24.46% |