Sunjay Kapur suffered a heart attack in June playing polo in the UK [Sunjay Kapur/X]
The sudden death of Indian magnates in June. Caused a fierce battle of inheritance in the Indian car giant.
The 53 -year -old Sunjay Kapur suffered a heart attack on June 12, playing Polo Surrey UK. He was the heir to Sona Comstar, $ 3.6 billion (£ 2.7 billion) the business empire he inherited from his father. Among the best manufacturers of Indian car components, the company has a global footprint containing 10 plants common in India, China, Mexico and the US.
Polo enthusiast Kapur moved to the elite social strata of the capital of the capital of India, Delhi, and is reported to share friendship with Prince William. He was married three times – first with designer Nandita Mahtani, then to the 90s Bollywood star Karisma Kapoor, before marrying Priya Sachdev, former model and businessman, 2017.
However, a few weeks after his death, the Kapur and his family became the topic of media speculation due to his inheritance.
This is Kapur’s mother, Rani Kapur, former chairman of Sona Comstar.
July 24 Rani Kapur sent a letter to the Sona Comstar Board, asking questions about the death of her son and the company’s appointments.
In a letter seen by the BBC, she stated that Kapur’s death was “very suspicious and inexplicable circumstances.”
Coroner’s office Surrey told the BBC that after the postmortemo he found that Kapur had died of natural reasons. “The investigation was closed,” the office said.
Sunjay Kapur was married to Bollywood actress Karisma Kapoor but the couple later divorced [Getty Images]
Rani Kapur also states that he was forced to sign the basic documents, being mental and emotional suffering from the death of his son.
“It is a pity that while the family and I are still sad, some people have chosen it as the right time to control and kidnap family legacy,” she wrote.
She also asked the Sona Comstar Board to postpone its annual general meeting (AGM), which was set on 25 July, decided on a new director who would be a family member.
Rani Kapur did not specify what she meant “some people”, but the next day, Sona Comstar held AGM and appointed Sunjay’s wife Priya as a director who is not executive.
In her letter, Rani Kapur stated that she was the only benefit of her late manor manor, left in 2015, to implement most of the shares of Sona Group, including Sona Comstar.
The company strictly denied Rani Kapur’s claims and stated that from 2019 Sona Comstar had no “direct or indirect role”.
The Board also stated that it had no violence to postpone its notice and that AGM had been “fully complied with the law”. The company Rani Kapur has issued a legal notice asking for “false, harmful and harmful” statements to stop spreading.
BBC contacted Sona Comstar, Rani Kapur and Priya Sachdev.
Public shareholders, including banks, investment funds and financial institutions, have 71.98% Sona Comstar, which is included in the Indian Exchange as Sona BLW.
The remaining 28.02% are organized by the organizers through the company called Aureus Investments PVT Ltd.
According to the company’s application, Sunjay Kapur was the only recipient of the RK Family Trust, who controls the supporters’ shares Sona Comstar via Aureus Investments.
“Looking at the company’s structure, Rani Kapur is currently not a registered shareholder and will not have any voting rights. However, the RK family’s confidence and investment Aureus really cannot know if Rani has a direct interest until the agreement is publicly announced. “
Capur’s family rage is not a separate case.
According to a PWC survey, approximately 90% of Indian -quoted companies in India are family -controlled, but only 63% have an official inheritance plan.
Kavil Ramachandran, the Indian Business School, says that most Indian family businesses work “significant ambiguously due to specifics”.
“One [area] There is one who depends on how much and who inherits and when, ”he adds.
Experts say that family involvement without merit and the absence of official agreements makes things difficult.
“The death of the patriarch (or even earlier) has disputes, both in property and management, and too much water would have flowed under the bridge to resolve questions friendly,” said Ketan Dalla, who advises several Indian business families on property structures.
The richest Asian man Mukesh Ambani (left) was once included in a very public power fight with his younger brother Anil [Getty Images]
India Inc. is cut off with bitterly inheritance battles, which repeat headlines.
The richest Asian man, Mukesh Ambani, was once involved in a very public struggle with his younger brother because of the dilated Reliance empire after their father Dhirubhai Ambani died in 2002 without leaving a will. It was their mother Kokilaben, who broke up a year later.
More recently, family feods have erupted into the most famous Indian textile company in the Raymond group and among the brothers Lodha, whose company built a short tower in Mumbai.
All of this often cost a high price for Indian shareholders.
“Everyone who has retained endless control in their hands. In the end, the company suffers, the share prices fall and decline and decrease. [so does] The perception of how the company will behave in the future, ”says Sandeep Nerlekar, founder and CEO of Legacy Planning Company.
However, some families are now bitten, twice shy.
The Bajaj family, one of the largest conglomerates in the country, was confronted with internal chewing through inheritance until the court turned on in 2000 to resolve the dispute.
The Patriarch made a group inheritance plan, dividing responsibility between his sons and cousin. According to the company’s statement, the group now operates through a consensus through the family council.
Last year, one of the oldest business houses in India, Locks-to-Real Estate Godrej Group, announced an optional friendly separation of a few billion dollars in business.
“Families must try to plan inheritance planning, such as a good board with teeth. They should be given some control so that business can grow for a long time. You also need to allow the new generation to take a timely perspective and the patriarch should take time to care for the family problems,” says Mr. Nerlekar.
Mukesh Ambani seems to be serious about this seriously, starting to seduce his three children in advance.
Mr. Ramachandran says that inheritance is not something that can be decided “overnight”.
“It is very important to prepare the family and the operating team during the planned transition period.”
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