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BBC News
3 minutes ago
- BBC News
Sunjay Kapur: Billionaire inheritance battle puts spotlight on India's messy family succession
An Indian tycoon's sudden death in June has triggered a fierce inheritance battle at an Indian automotive Kapur, 53, suffered a heart attack on 12 June while playing polo in Surrey in the UK. He was an heir to Sona Comstar, a $3.6bn (£2.7bn) business empire he inherited from his father. The company, among India's top auto component makers, has a global footprint with 10 plants spread across India, China, Mexico and the US.A polo enthusiast, Kapur moved in the elite social circles of Indian capital Delhi, and reportedly shared a friendship with Prince William. He was married three times - first to designer Nandita Mahtani, then to 90s Bollywood star Karisma Kapoor, before marrying Priya Sachdev, a former model and entrepreneur, in weeks after his death, the question of succession has made Kapur and his family the subject of media the centre of it is Kapur's mother Rani Kapur, former chairperson of Sona 24 July, Rani Kapur sent a letter to the board of Sona Comstar, raising questions about her son's death and appointments made by the company after the letter, which the BBC has seen, she alleged that Kapur's death was under "highly suspicious and unexplained circumstances".The coroner's office in Surrey told the BBC that after a postmortem, it had determined that Kapur died of natural causes. "The investigation has been closed," the office said. Rani Kapur also claims to have been coerced into signing key documents while under mental and emotional distress from her son's death."It is unfortunate that while the family and I are still in mourning, some people have chosen this as an opportune time to wrest control and usurp the family legacy," she also asked Sona Comstar's board to postpone its annual general meeting (AGM) - which was set for 25 July - to decide on a new director who would be a representative of the Kapur didn't specify who she meant by "some people", but Sona Comstar held the AGM the next day anyway and appointed Sunjay's wife Priya as a non-executive her letter, Rani Kapur claimed she was the sole beneficiary of her late husband's estate in a will left behind in 2015 which included a majority stake in Sona Group, including Sona company has strongly denied Rani Kapur's claims and said that she has had "no role, direct or indirect, in Sona Comstar since at least 2019".The board also said it had no compulsion to defer to her notice and that the AGM was conducted "in full compliance with the law". The company has issued a legal notice to Rani Kapur, asking her to stop spreading "false, malicious and damaging" BBC has contacted Sona Comstar, Rani Kapur and Priya Sachdev with shareholders, including banks, mutual funds and financial institutions, hold 71.98% of Sona Comstar, which is listed on Indian exchanges as Sona BLW. The remaining 28.02% is held by promoters via a company called Aureus Investments Pvt Ltd. According to the company's filings, Sunjay Kapur was the sole beneficiary of the RK Family Trust, which controls the promoters' stake in Sona Comstar via Aureus Investments."Looking at the company structure, at this point of time, Rani Kapur doesn't feature as a registered shareholder so won't have any voting rights. But there is the matter of the RK Family Trust and Aureus investments. We can't really know if Rani holds any direct interest there till the agreement is made public," says Tushar Kumar, a corporate litigator at India's Supreme Kapur family's feud isn't an isolated 90% of listed companies in India are family-controlled, yet only 63% have a formal succession plan in place, according to a PwC Ramachandran of the Indian School of Business says most Indian family businesses operate with "significant ambiguity about specifics"."One such [area] is who owns how much and who inherits and when," he say family involvement without meritocracy and absence of formal agreements complicate matters."On the demise of the patriarch (or even before), disputes arise, both on ownership and on management, and too much water would have flowed under the bridge for issues to be resolved amicably," said Ketan Dalal, who advises several Indian business families on ownership structures. India Inc. is strewn with bitter succession battles that repeatedly grab Ambani, Asia's richest man, was once embroiled in a very public power struggle with his younger brother over the sprawling Reliance empire after their father Dhirubhai Ambani died in 2002 without leaving a will. It was their mother, Kokilaben, who brokered peace years recently, family feuds have erupted at the Raymond Group, India's most famous textiles company, and among the Lodha brothers, whose company built the Trump tower in of this has often come at a great cost to Indian shareholders."Anyone who has kept infinite control in their hands has suffered. In the end it's the company that suffers, the stock prices go down and [so does] the perception of how the company will do in the future," says Sandeep Nerlekar, founder and managing director of legacy planning firm some families are now once bitten, twice Bajaj family, one of the country's biggest conglomerates, faced internal wrangling over succession until a court stepped in during the 2000s to resolve the patriarch mapped out a succession plan for the group, dividing responsibilities between his sons and cousin. As per the company's statement, the group now operates through consensus via a family year, one of India's oldest business houses, the locks-to-real estate Godrej Group, announced an uncharacteristically amicable separation of their multi-billion dollar business."Families need to work on succession planning with governance structures like a good board that has teeth. They should be given some control so that the business can grow long term. Also you need to allow the next generation to take the lead well in time and the patriarch should take the time to groom them so that family issues don't happen," says Mr likes of Mukesh Ambani appear to have taken that seriously, having begun grooming his three children well in Ramachandran says that succession is not something that can be decided "overnight"."Preparing both the family and the operating team over a planned transition period is crucial."Follow BBC News India on Instagram, YouTube, Twitter and Facebook.
Daily Mail
32 minutes ago
- Daily Mail
Ex-ESPN host slammed for Shedeur Sanders conspiracy theory after Browns rookie dazzles in NFL debut
Fans are blasting former ESPN college football and NFL host Robert Griffin III after the successful preseason debut of Cleveland Browns quarterback Shedeur Sanders. In recent days, Griffin was suggesting that a limited number of reps that Sanders indicated that the Browns were setting the rookie up for failure. 'Shedeur Sanders is being set up to fail in Cleveland,' Griffin posted on Aug. 4. 'But God's got him showing out even with limited reps.' In spite of the limited reps with the first teamers, Sanders was given the start to the Browns' first preseason game on Friday night against the Carolina Panthers. He balled out. Sanders tossed two touchdowns and threw for 138 yards as the Browns defeated the Panthers 30-10. After Sanders impressed everyone on the field, Griffin shifted his tone in a post-game message: 'Many thought Shedeur Sanders would fail after being thrown to the wolves... BUT GOD saw fit that Shedeur Sanders would come back leading the pack. Faith and hard work always pay off. Perfect Timing.' NFL fans promptly noticed the change and called out the former Heisman Trophy winner. Griffin hasn't addressed any of the criticism he's faced. 'You said he was being set up to fail... so you were wrong,' one fan replied. Former ESPN star Trey Wingo even chimed in, saying, 'No Olympic swimmer has back stroked faster.' 'You're a more embarrassing analyst than you were NFL QB and that's [sic] says a lot,' another fan posted. Another wrote, 'Buddy this is lame... even for you'. Sanders strong performance drew plenty of praise - not only from coach Kevin Stefanski, but also from LeBron James, Richard Sherman, and his father - Deion Sanders. The next opportunity where Browns fans could get a glimpse of Sanders is an August 16 matchup against the defending Super Bowl champion Philadelphia Eagles.
Reuters
32 minutes ago
- Reuters
Vikings WR/PR Rondale Moore carted off field with lower body injury
August 10 - The Minnesota Vikings' Rondale Moore, attempting to return to action after missing all of last season with a knee injury, exited the team's preseason opener on Saturday with an apparent lower left leg injury during a second-quarter punt return against the Houston Texans. With Minnesota trailing 7-6, Moore returned a punt 2 yards before Houston linebacker Jamal Hill tackled him along the sideline. Moore stayed on the ground and was carted off the field. This came nearly a year to the day after Moore, then with Atlanta, was carted off the practice field after suffering a right knee injury that required surgery and forced the wideout to miss the entire season. A fifth-year pro out of Purdue, Moore looked to revive his career with Minnesota following a three-year stint with Arizona. In 39 career games (23 starts), all with the Cardinals, Moore has recorded 135 catches for 1,201 yards and three touchdowns. The Vikings' unofficial depth chart listed Moore as a backup receiver and the starting punt returner heading into Saturday's game. --Field Level Media
