Sona BLW Precision Forgings Refutes Allegations, Emphasizes Professional Governance

2 min read     Updated on 28 Jul 2025, 04:27 PM
scanxBy ScanX News Team
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Overview

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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*this image is generated using AI for illustrative purposes only.

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 Day5 Days1 Month6 Months1 Year5 Years
-2.55%-8.40%-6.61%-10.86%-33.82%+24.46%
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Sona BLW Precision Holds AGM Despite Family Member's Request for Postponement

1 min read     Updated on 25 Jul 2025, 11:58 AM
scanxBy ScanX News Team
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Overview

Sona BLW Precision Forgings Ltd (Sona Comstar) proceeded with its Annual General Meeting despite a request for postponement from Rani Kapur, wife of the company's founder. The company stated that Rani Kapur is not a shareholder since 2019, making her request invalid. The ownership structure shows 71.98% is publicly held, while 28.02% is owned by corporate promoter Aureus Investments Pvt Ltd. Priya Sachdev Kapur, wife of the late chairman Sunjay Kapur, was appointed as Additional Non-Executive Director. Rani Kapur claims to be the majority shareholder of the Sona Group under her husband's will and alleges unauthorized actions on her behalf.

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*this image is generated using AI for illustrative purposes only.

Sona BLW Precision Forgings Ltd (Sona Comstar) conducted its Annual General Meeting (AGM) as scheduled, despite a request from Rani Kapur, wife of the company's founder, to postpone the event. This decision has brought to light a family dispute over control and raised questions about the company's governance.

Background

Rani Kapur had appealed for the deferment of the AGM following the death of her son Sunjay Kapur on June 12, who was the company's chairman and non-executive director. She accused certain individuals of attempting to seize control of the family's legacy during their time of grief.

Company's Stance

Sona Comstar clarified that Rani Kapur has not been a shareholder since 2019, making her request legally invalid. The company's ownership structure is as follows:

Ownership Percentage
Publicly held 71.98%
Owned by corporate promoter Aureus Investments Pvt Ltd 28.02%

Key Developments

  • Priya Sachdev Kapur, Sunjay Kapur's wife, was appointed as Additional Non-Executive Director based on Aureus Investments' nomination.
  • Rani Kapur claims to be the majority shareholder of the Sona Group under her husband Surinder Kapur's will.
  • She alleges that she did not authorize anyone to act on her behalf.

Implications and Future Outlook

This situation raises several important questions:

  • How will the company address the allegations of unauthorized board appointments?
  • What impact might this dispute have on Sona Comstar's corporate governance and investor confidence?
  • Could this lead to potential legal challenges or shareholder disputes in the future?

As this story continues to unfold, stakeholders and industry observers will be closely watching for any further developments and the company's official response to these serious allegations.

Historical Stock Returns for Sona BLW Precision Forgings

1 Day5 Days1 Month6 Months1 Year5 Years
-2.55%-8.40%-6.61%-10.86%-33.82%+24.46%
Sona BLW Precision Forgings
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