Aureus Funding Pvt. Ltd, the one largest shareholder in Sona Comstar with a 28% stake, on Thursday knowledgeable the Union ministry of company affairs (MCA) that the spouse and son are its vital useful house owners, given their possession of RK Household Belief and Raghuvanshi Funding. The 2 firms collectively personal 92% stake in Aureus.
Mint has seen a duplicate of the MCA submitting, made inside 72 hours of Sona Comstar’s prime boss stating that the corporate does not know who owns the household belief behind Aureus, Sona Comstar’s largest particular person shareholder.
Setback
The Aureus submitting comes as a setback for Rani Kapur, Sunjay’s mom who has questioned appointments on the Sona Comstar board on behalf of Aureus. She had additionally unsuccessfully tried to defer the Sona Comstar annual basic assembly (AGM) the place Priya was appointed non-executive director with 99% votes.
The Kapur matriarch had stated that she was coerced to signal paperwork with out full information of the contents after the dying of her son. Nonetheless, Sona Comstar refuted the allegations, stating Rani Kapur had not held any direct or oblique shareholding within the firm since a minimum of 2019.
Aureus holds 28% stake almost ₹8,000 crore in Sona Comstar, formally referred to as Sona BLW Precision Forgings. RK Household Belief and Raghuvanshi Funding Pvt. Ltd personal 65% and 27% of Aureus, respectively.
Furthermore, The RK Household Belief owned 48% stake in Raghuvanshi whereas Aureus held 39%. This construction of firm possession implies that the relations controlling the RK Household Belief have the last word possession of the important thing promoter entity of Sona Comstar, Aureus.
Aureus Funding stated in response to a question that Priya S. Kapur, together with Azarias Kapur, Samaira Kapur and Kiaan Kapur are the numerous useful house owners of the businesses and the RK Household Belief. Which means that Rani Kapur, mom of Sunjay Kapur, just isn’t a beneficiary proprietor of the important thing belief. Samaira and Kiaan are Sunjay’s youngsters together with his ex-wife Karisma Kapoor. Official filings by Aureus don’t mirror the opposite two youngsters’s identify but.
Haze
Since 2019, Sunjay Kapur was the only beneficiary proprietor of RK Household Belief. However since his demise on 12 June, it was not clear who was the beneficiary proprietor of the belief.
Confusion rose after Sona Comstar’s MD and Group CEO Vivek Vikram Singh stated after the corporate’s earnings launch on 4 August that Sona Comstar was not knowledgeable who was the beneficiary proprietor of RK Household Belief after Sunjay Kapur. However inside two days of this assertion, Aureus was knowledgeable concerning the new beneficiary house owners of the corporate and the belief. It isn’t clear whether or not Sona Comstar has acquired any intimation of the change in house owners.
Queries despatched to Sona Comstar and Rani Kapur’s attorneys remained unanswered.
To make certain, each Priya and Azarias grew to become beneficiary house owners of the belief on 12 June, when Sunjay Kapur died attributable to a cardiac arrest within the UK. Nonetheless, Aureus was knowledgeable concerning the change in possession on 6 August, following which it made the disclosure to MCA on 7 August.
Gaurav Pingle, a practising firm secretary, famous that if an entity holds greater than 10% in an Indian firm, then there’s a requirement for disclosure of adjustments in vital useful house owners.
“Shareholding of Ms. Priya and her son in Aureus Funding Pvt. Ltd. is thru a particular Belief (RK Household Belief) and Raghuvanshi Funding Non-public Restricted. By this regulatory submitting, the change in useful possession is reported to the Registrar of Firms,” Pingle stated.
‘Sensationalism’
Sona Comstar’s Singh has downplayed the affect of the feud between relations, accusing the media of sensationalizing the dispute.
“There’s much more sensationalism round this than there’s affect. Whoever controls the 28% doesn’t have that a lot [impact],” Singh stated.
Aureus Funding, the promoter firm, has the best to appoint only one director to Sona Comstar’s board, Singh stated on the earnings name, including that even that energy was not absolute. The board might select to reject the nomination. Even when the board approves it, public shareholders then need to ratify the nomination, he stated.
“How the appointment of a single director on a board with six impartial administrators can have an effect on the working of the corporate could be very weird to me,” he stated.
Since 24 July, shares of Sona Comstar are down 9%, whereas the Nifty Auto index has fallen by 2.5% in the identical interval.
