NEW DELHI, Aug 10 — India’s corporate dynasties face another explosive succession crisis as the death of automotive heir Sunjay Kapur has unleashed a vicious family battle for control of the US$3.6 billion Sona Comstar empire, exposing the dangerous lack of succession planning that plagues 90 per cent of firms in the country that are family-run.
Kapur, 53, suffered a heart attack on June 12 while playing polo in Surrey, UK, as an heir to the business empire he inherited from his father.
Sona Comstar ranks among India’s top auto component makers with a global presence spanning 10 plants across India, China, Mexico, and the United States.
The polo enthusiast moved in Delhi’s elite social circles and reportedly maintained a friendship with Prince William, having been married three times to designer Nandita Mahtani, Bollywood star Karisma Kapoor, and entrepreneur Priya Sachdev in 2017.
Weeks after his death, succession questions have made Kapur and his family the subject of intense media speculation, the BBC reported.
At the centre of the controversy is Kapur’s mother Rani Kapur, former chairperson of Sona Comstar, who sent a letter to the board on July 24 raising questions about her son’s death and subsequent company appointments.
In the letter obtained by the BBC, she alleged that Kapur’s death occurred under “highly suspicious and unexplained circumstances,” though Surrey’s coroner’s office confirmed he died of natural causes after a postmortem examination.
Rani Kapur claims she was coerced into signing key documents while under mental and emotional distress from her son’s death, expressing frustration that people are attempting to “wrest control and usurp the family legacy” during the mourning period.
She requested the board postpone the annual general meeting scheduled for July 25 to decide on a family representative as director, but the company proceeded with the AGM and appointed Sunjay’s wife Priya as a non-executive director.
Rani Kapur claimed to be the sole beneficiary of her late husband’s 2015 estate, which included a majority stake in Sona Group, but the company strongly denied her claims and issued a legal notice demanding she stop making “false, malicious and damaging” statements.
Public shareholders hold 71.98 per cent of the listed company Sona BLW, while the remaining 28.02 per cent is controlled by promoters through Aureus Investments Pvt Ltd.
According to corporate lawyer Tushar Kumar, Rani Kapur currently has no registered shareholding or voting rights, though her potential interest in the RK Family Trust and Aureus Investments remains unclear without public disclosure of agreements.
The Kapur dispute reflects a broader Indian corporate governance issue, as 90 per cent of listed companies are family-controlled but only 63 per cent have formal succession plans, according to a PwC survey.
India Inc. has witnessed numerous bitter succession battles, including the Ambani brothers’ public feud over Reliance empire and recent disputes at Raymond Group and among the Lodha brothers, often resulting in declining stock prices and damaged company reputations.
