Priya Kapur steps into spotlight amid Sona Comstar family feud

Priya took the stage at an industry event organised by the Automotive Component Manufacturers Association (Acma) in New Delhi on Wednesday, detailing how her husband led the turnaround of Sona Comstar, the business founded by his father, Surinder Kapur, in the late 1980s.

Priya’s address marked the first public statement by the 49-year-old executive since her husband’s sudden death from a heart attack while playing polo in the UK last June, and the subsequent family dispute with her mother-in-law, Rani Kapur, over control of Sona Comstar’s promoter entity, Aureus Investment Private Ltd, which owns 28% of the Gurugram-based component maker. At the heart of the dispute is Sunjay's estate worth approximately ₹30,000 crore.

“Under Sunjay’s vision and leadership, the company was re-invented as Sona Comstar through disciplined restructuring, deep technology integration, and a sharply refocused global strategy," she told an audience of auto and auto component industry executives.

The major thrust of her nearly 10-minute-long address at the event was to illustrate how the company's turnaround strategy was crafted by Sunjay Kapur, banking on electric vehicles, exports and investment in technology.

“This transformation was not accidental. It is the result of three bold strategic decisions that accounted for over 85% of our growth, decisions fuelled by the tailwinds of ‘Make in India’," she said.

Priya's public appearence comes after she made a series of visits to various Sona Comstar-related engagements over the past few months even as Sunjay’s mother moved the Delhi High Court to challenge her control over the firm.

According to her LinkedIn profile, late last year, she toured the company's Chennai manufacturing plant and R&D facility along with the senior leadership team, which included Vivek Vikram Singh, group chief executive at Sona Comstar.

Her visit to the plant was followed by her presence at some corporate social responsibility related meetings at IIT Delhi and Catch Foundation.

Priya joined the board of Sona Comstar in June, and her appointment was approved by shareholders in July. She represents the promoter family entity - Aureus Investment Private Ltd.

At the heart of the dispute with Rani Kapur is this promoter entity where Priya serves as the managing director. The promoter entity is controlled by a trust named RK Family Trust, which counts four trustees, Priya, her son Azarias, and two children of Sunjay's with Karisma Kapoor, Samaira and Kiaan.

Before Sunjay's death, he was the sole beneficiary owner of the trust that was originally named after Rani Kapur.

In 2017, Rani Kapur transferred her entire shareholding in Aureus to this trust which in 2019 made Sunjay Kapur its sole beneficiary owner. After his demise, the beneficiary ownership transferred to the four trustees.

In a petition filed before the Delhi High Court, Rani Kapur challenged Priya Kapur’s control of the promoter entity, claiming that her shareholding was fraudulently transferred to the trust in 2017. Priya Kapur has filed an application seeking dismissal of the petition.

On Wednesday, the Delhi High Court issued a notice to Rani Kapur on Priya’s application to dismiss the case.

The battle with Rani Kapur comes at a time when Karisma Kapoor has also moved the Delhi High Court, challenging the validity of a will left behind by Sunjay Kapur which bestowed his entire estate to Priya Kapur in case of his demise.

With Priya stepping up her involvement in the company and the wider industry, legal experts say the company’s day-to-day operations remain unaffected.

“Unless the court passes interim or final orders that directly affect shareholding, voting rights, or management control, the company’s day-to-day operations remain legally insulated," Rishabh Gandhi, founder at Rishabh Gandhi and Advocates, a corporate law firm based in Pune, said.