Mumbai/New Delhi: The Supreme Court on Thursday stayed key agenda items proposed for the 18 May board meeting of Raghuvanshi Investment Pvt. Ltd. (RIPL), a stakeholder in the estate of late businessman Sunjay Kapur.
A two-judge bench comprising Justice J.B. Padriwala and Justice Ujjal Bhuyan passed the order, putting a halt to key items on the proposed agenda, especially the appointment of additional directors and proposed changes in authorised signatories for company bank accounts. The court didn’t stop the board meeting from taking place.
The proposed 18 May board meeting includes 33 agenda items covering governance restructuring, RBI compliance, banking operations, and committee appointments. Amid the ongoing Kapur family dispute, the Supreme Court directed that agenda items 5, 6, and 25 should neither be discussed nor acted upon during mediation proceedings.
These items relate to the appointment of independent directors Kalpesh Krishnakant Avasia and Sumit Chadha, along with proposed changes to authorised signatories for RIPL’s Kotak Mahindra Bank accounts.
Rani Kapur, Sunjay Kapur’s mother, argued that the proposed changes could alter operational control over the disputed family-owned entities.
The mediation push
Senior lawyer Kapil Sibal, representing the late industrialist's former wife Priya Kapur, argued that the board meeting was strictly intended to fulfill RBI statutory requirements through these appointments. However, as mediation is ongoing, the court ordered the RBI to stay both the appointments and any related compliance processes.
Senior counsels Madhavi Diwan and Navin Pahwa, representing Rani Kapur, said Priya Kapur removed their client’s share from the companies in which she was a majority stakeholder and put that stake in the RK Family Trust without informing her.
The Supreme Court had on 7 May referred the dispute to mediation and appointed former Chief Justice of India D.Y. Chandrachud as mediator, while urging the Kapur family members to explore an amicable resolution to the conflict over the RK Family Trust.
During Thursday’s hearing, Justice J.B. Pardiwala cautioned the parties against prolonging the litigation, saying, “We make it clear today. If you all are not interested in mediation then we will not waste any further time, we will hear the matter on merits and finish it off.”
Making an emotional appeal for reconciliation, the judge added, “She (Rani Kapur) is an 80-year-old woman. We all came with empty hands, and we have to go with empty hands. All we carry is our souls. There has to be a will to settle the matter. Don’t go before the mediator with a heavy heart just because the court has pushed us. Each one of you try.”
The mediation will go on for two months and the court has asked for an interim report before the next hearing on 6 August.
Legacy in dispute
On 30 April, Justice Jyoti Singh of the Delhi high court had passed an order that restricted Priya Kapur from transferring or changing equity shareholdings in three Indian companies, withdrawing provident fund amounts, and alienating personal assets, including artworks. She was also restrained from withdrawing funds from a few Indian accounts and from transferring cryptocurrencies held by her late husband.
The family has been embroiled in disputes since Sunjay Kapur’s death on 12 June 2025. Rani Kapur alleged in September that while their family grieved Sunjay's death, Priya, who was his third wife, saw this as an opportunity to wrest control and usurp their family legacy. The allegations were levelled after Priya Kapur was named director of Sona Comstar, Sunjay Kapur's company, following his death.
She alleged that shortly after her son's death, she was forced to sign documents without being informed of their contents and had been denied access to accounts and key company records as well.
