Priya took the stage at an trade occasion organised by the Automotive Element Producers Affiliation (Acma) in New Delhi on Wednesday, detailing how her husband led the turnaround of Sona Comstar, the enterprise based by his father, Surinder Kapur, within the late Eighties.
Priya’s tackle marked the primary public assertion by the 49-year-old government since her husband’s sudden demise from a coronary heart assault whereas taking part in polo within the UK final June, and the following household dispute together with her mother-in-law, Rani Kapur, over management of Sona Comstar’s promoter entity, Aureus Funding Non-public Ltd, which owns 28% of the Gurugram-based part maker. On the coronary heart of the dispute is Sunjay’s property value roughly ₹30,000 crore.
“Beneath Sunjay’s imaginative and prescient and management, the corporate was re-invented as Sona Comstar by way of disciplined restructuring, deep know-how integration, and a sharply refocused international technique,” she advised an viewers of auto and auto part trade executives.
The most important thrust of her practically 10-minute-long tackle on the occasion was as an example how the corporate’s turnaround technique was crafted by Sunjay Kapur, banking on electrical autos, exports and funding in know-how.
“This transformation was not unintentional. It’s the results of three daring strategic choices that accounted for over 85% of our progress, choices fuelled by the tailwinds of ‘Make in India’,” she mentioned.
Priya’s public appearence comes after she made a collection of visits to numerous Sona Comstar-related engagements over the previous few months at the same time as Sunjay’s mom moved the Delhi Excessive Court docket to problem her management over the agency.
Based on her LinkedIn profile, late final 12 months, she toured the corporate’s Chennai manufacturing plant and R&D facility together with the senior management workforce, which included Vivek Vikram Singh, group chief government at Sona Comstar.
Her go to to the plant was adopted by her presence at some company social accountability associated conferences at IIT Delhi and Catch Basis.
Priya joined the board of Sona Comstar in June, and her appointment was authorised by shareholders in July. She represents the promoter household entity – Aureus Funding Non-public Ltd.
On the coronary heart of the dispute with Rani Kapur is that this promoter entity the place Priya serves because the managing director. The promoter entity is managed by a belief named RK Household Belief, which counts 4 trustees, Priya, her son Azarias, and two kids of Sunjay’s with Karisma Kapoor, Samaira and Kiaan.
Earlier than Sunjay’s demise, he was the only beneficiary proprietor of the belief that was initially named after Rani Kapur.
In 2017, Rani Kapur transferred her complete shareholding in Aureus to this belief which in 2019 made Sunjay Kapur its sole beneficiary proprietor. After his demise, the beneficiary possession transferred to the 4 trustees.
In a petition filed earlier than the Delhi Excessive Court docket, Rani Kapur challenged Priya Kapur’s management of the promoter entity, claiming that her shareholding was fraudulently transferred to the belief in 2017. Priya Kapur has filed an software looking for dismissal of the petition.
On Wednesday, the Delhi Excessive Court docket issued a discover to Rani Kapur on Priya’s software to dismiss the case.
The battle with Rani Kapur comes at a time when Karisma Kapoor has additionally moved the Delhi Excessive Court docket, difficult the validity of a will left behind by Sunjay Kapur which bestowed his complete property to Priya Kapur in case of his demise.
With Priya stepping up her involvement within the firm and the broader trade, authorized consultants say the corporate’s day-to-day operations stay unaffected.
“Until the court docket passes interim or ultimate orders that straight have an effect on shareholding, voting rights, or administration management, the corporate’s day-to-day operations stay legally insulated,” Rishabh Gandhi, founder at Rishabh Gandhi and Advocates, a company legislation agency based mostly in Pune, mentioned.