Sona BLW proceeds with AGM despite deferment plea from Rani Kapur; explains why

Sona BLW Precision Forgings Ltd (formerly Sona Comstar) issued a detailed clarification on Friday evening following recent queries around its governance and shareholder structure. The clarification comes in the wake of the untimely demise of Sunjay Kapur, the company’s Chairman, on June 12, 2025. Later, the Board of Directors unanimously appointed Jeffery Mark Overly as Chairman at its meeting on June 23.

Sona BLW addressed speculation around family involvement in the company, reiterating that Sunjay Kapur had been identified in a 2019 declaration as the sole beneficial owner of the RK Family Trust, a significant stakeholder in Aureus Investments Pvt Ltd (AIPL). The company also clarified that Rani Kapur, Sunjay Kapur’s mother, has not held any shares in Sona BLW since at least 2019, according to official records.

The company explained that Priya Sachdev Kapur (Sunjay Kapur’s wife) was appointed as a Non-Executive Director based on a nomination from AIPL. Her appointment underwent standard review by the Nomination and Remuneration Committee and was subsequently approved by the Board.

Sona BLW confirmed that its Annual General Meeting (AGM) was scheduled for July 25, 2025, and the notice was issued to all shareholders on July 1, in line with regulatory requirements. However, late on July 24, the company received an email from Rani Kapur requesting a deferment of the AGM.

The Board said it sought immediate legal advice from one of the country’s leading law firms. Based on legal counsel and the fact that Mrs Kapur is not a shareholder, the company concluded that there were no legal grounds to postpone the meeting.

Sona BLW also clarified that no documents were signed or obtained from Rani Kapur after Sunjay Kapur’s passing.

The AGM was conducted on schedule and in full compliance with applicable laws and regulatory guidelines, the company confirmed.

The company, which has been publicly listed since June 2021, reaffirmed that 71.98 per cent of its shares are held by the public, while its corporate promoter, AIPL, retains a 28.02 per cent stake.

Meanwhile, Sona BLW shares plunged 4.28 per cent to close at Rs 469.45 today.