Sona BLW Precision Forgings Ltd. (Sona Comstar) issued a press release on July 28 refuting allegations made by Rani Kapur, the mother of late Chairman Sanjay Kapur, calling her claims “legally untenable.” The clarification comes days after Kapur sought deferment of the July 25 AGM, alleging coercion, document misuse, and efforts to usurp the family’s legacy.
The company categorically stated that Mrs. Kapur has had no role—direct or indirect—in the firm since 2019 and holds no shares, board position, or executive office. “Any insinuation that she was coerced into signing documents or that her consent is required for company affairs is completely baseless,” the release said.
Addressing concerns over boardroom independence, Sona Comstar said its governance is managed by an independent and professional board. Since its IPO in 2021, the promoter entity, Aureus Investments, has retained only a single non-executive board seat. The board currently comprises nine members, including six independent directors and two executive directors unaffiliated with the Kapur family.
Reinforcing its identity as a widely held public company, the management emphasized that 71.98% of the company’s shareholding is held by institutional and public investors. The promoter stake stands at 28.02%, with no special rights or strategic control. The company called the narrative of it being “family-run” factually incorrect.
The appointments of Jeffrey Mark Overly and Priya Sachdev Kapur to the board—an area of concern raised by Rani Kapur—were also defended. The company highlighted that both appointments complied fully with SEBI and corporate governance norms and were overwhelmingly ratified by shareholders, with 98.9% and 99.4% votes in favor respectively, even without promoter support.
Sona Comstar also issued a warning against the “irresponsible statements and misinformation” it says are damaging shareholder value. “With over 400,000 public shareholders, such actions are not only reckless but deeply harmful,” the statement read.
The company reiterated its commitment to operational excellence, long-term value creation, and transparency. It urged investors and stakeholders to rely on verified disclosures and not on media narratives.
