Sona BLW share price rose over 2% on Monday, defying broader market weakness. Sona BLW shares gained as much as 2.14% to ₹479.50 apiece on the BSE after shareholders approved the appointment of Priya Sachdev Kapur as a Non-Executive Director at the company’s AGM on July 25.
The development comes amid a family dispute following the sudden demise of company Chairman and Non-Executive Director Sunjay Kapur on June 19 due to cardiac arrest. On June 23, the board appointed Jeffrey Mark Overly as the new Chairperson and inducted Priya Sachdev Kapur, Sunjay’s wife, as an Additional Director of Sona BLW Precision Forgings.
However, the move has drawn objections from Rani Kapur, Sunjay’s mother and former chairperson of the Sona Group. In a letter dated July 24, she alleged that the AGM was held while the family was mourning and claimed she was coerced into signing undisclosed documents. She also asserted that, as the sole beneficiary of late Surinder Kapur’s 2015 Will, she is the majority shareholder of the Sona Group.
Sona Comstar has denied these allegations and clarified that, as per company records, Rani Kapur has not been a shareholder since 2019. The company said the AGM was held in full compliance with regulatory norms, and Priya’s appointment received 99.44% shareholder approval.
Rani Kapur has further raised concerns over the “suspicious” circumstances surrounding her son’s death in the UK, stating she has not consented to any board nominations.
Sona BLW Share Price Performance
Sona BLW share price has gained 2% in three months and has fallen 5% in the past six months. The stock has dropped 20% on a year-to-date (YTD) basis, while it has declined 31% in one year. Sona BLW shares have fallen 16% in two years.
At 12:25 PM, Sona BLW share price was trading 0.49% higher at ₹471.75 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
About The Author
