Nearly a month and a half after the sudden death of its former chairman, Sunjay Kapur, Sona Comstar, an empire with a market capitalisation of nearly Rs 30,000 crore, has become embroiled in a significant family dispute.Rani Kapur, mother of the late Sunjay Kapur, has levelled serious allegations against her daughter-in-law Priya Sachdev Kapur. In a formal letter, she claimed she was confined and coerced into signing documents by individuals allegedly acting on Priya’s behalf, with the intent to seize control of the Sona Group and its legacy. As the purported majority shareholder, Rani Kapur further asserted that she was not consulted regarding Priya’s appointment as a non-executive director and demanded the postponement of an Annual General Meeting scheduled for Friday.However, the company proceeded as planned and refuted Rani Kapur’s claims, stating that she has held no shares since 2019. The truth remains obscured amid conflicting narratives. This dispute is not an isolated incident but part of a broader pattern of conflicts within India’s prominent business families, particularly following the death of a patriarch.The Modi family, for instance, faced a contentious struggle over a Rs 11,000 crore inheritance after the 2019 death of Krishan Kumar Modi, founder of Modi Enterprises. His will stipulated an equal division among his wife, Bina, and their children — Samir, Lalit, and Charu. However, in February 2024, Samir initiated legal action, accusing Bina of mismanaging the family trust and seeking its dissolution. Lalit, known for establishing the Indian Premier League (IPL), aligned with Samir, while shareholders of the group’s flagship Godfrey Philips backed Bina, resulting in Samir’s removal from the board. The dispute remains unresolved.Similarly, the Oberoi family’s conflict emerged after the November 2023 death of Prithvi Raj Singh Oberoi, whose EIH Ltd, valued at nearly Rs 9,000 crore, forms the foundation of the Oberoi and Trident hotel chains. The dispute pits Anastasia Oberoi, his daughter from a second marriage, against her stepsiblings Vikramjit and Natasha and cousin Arjun.Two wills — one from 1992 and another amended by a 2022 codicil — lie at the heart of the contention, with Anastasia supporting the codicil, which favours her and her mother. She has accused her relatives of obstructing the division of assets, leading to legal proceedings in the Delhi High Court. Though a temporary resolution was reached at an AGM in November 2024, the matter remains unsettled.The Kalyani family, led by Bharat Forge chairman Baba Kalyani, is locked in a legal battle with his brother Gaurishankar Kalyani and sister Sugandha Hiremath over their late mother Sulochana Kalyani’s will. The dispute, intensified by the discovery of multiple versions of the will, centres on the division of the Kalyani Group’s assets, including Bharat Forge, Kalyani Steels and Hikal Ltd. A 2012 will favoured Baba Kalyani, while a 2022 version favoured Gaurishankar. Sugandha has challenged both, alleging coercion and undue influence and seeks an equal division under intestate succession. In November 2024, Gaurishankar filed over 6,000 pages of documents in a Pune court to prove the existence of the Kalyani HUF (Hindu Undivided Family), countering Baba’s claims of individual ownership. He alleges Baba seized control of family businesses in the 1990s. The conflict has escalated into a bitter corporate and legal battle, with ongoing court proceedings exposing unresolved family arrangements and inadequate legal documentation.The Kirloskar family’s feud, which began in 2017, revolves around the interpretation and enforcement of a 2009 Deed of Family Settlement. The agreement was meant to allocate ownership and control of the family’s businesses, including Kirloskar Brothers Ltd (KBL), Kirloskar Oil Engines Ltd (KOEL), and Kirloskar Pneumatic Company Ltd, among the members, with a non-compete clause to prevent overlap. In 2017, KBL, led by Sanjay Kirloskar, accused KOEL, led by Atul and Rahul Kirloskar, of breaching the clause by acquiring La Gajjar Machineries, a competitor in the pump business.In October 2024, the Securities and Exchange Board of India (SEBI) directed four Kirloskar companies to disclose the deed, citing its material impact on shareholders under Listing Obligations and Disclosure Requirements (LODR) regulations. The companies contested the order, arguing the deed was a private family agreement. On January 16, the Securities Appellate Tribunal heard KOEL’s appeal against SEBI’s directive, leaving the matter unresolved.Not all such disputes escalate into prolonged conflicts. Following the 2022 death of Rahul Bajaj, his sons, Rajiv and Sanjiv, disagreed on the future of the Bajaj Group. Through a restructuring, Rajiv assumed leadership of Bajaj Auto, while Sanjiv took charge of Bajaj Finserv, effectively resolving the issue.Similarly, the Godrej Group, a 127-year-old conglomerate, faced a division in 2024 between the families of brothers Adi and Nadir Godrej and their cousins Jamshyd Godrej and Smita Godrej. Unlike other disputes, this was resolved amicably through a family settlement agreement, addressing ownership issues that had lingered for over six years. The agreement divided the group’s businesses, allowing each branch to pursue independent strategies while preserving the group’s legacy in consumer goods, real estate and other sectors. This stands as a rare example of a peaceful settlement in India’s corporate family landscape.In contrast, the Ambani family’s dispute following Dhirubhai Ambani’s intestate death in 2002 became highly publicised. Sons Mukesh and Anil vied for control of the Reliance empire until their mother, Kokilaben, mediated a division. Their rivalry persisted through public disputes over assets and contracts. In 2018, Mukesh provided over Rs 400 crore to support Anil’s struggling telecom-to-infrastructure business. Yet, Anil’s financial troubles continue, with recent Enforcement Directorate raids targeting his enterprises over alleged loan irregularities.These disputes underscore the complexities of managing multi-generational wealth in India, where family-owned businesses contribute over 75 per cent of the nation’s GDP. A 2018 report by BAF Consultants highlighted that 97 per cent of Indian family businesses lack structured governance frameworks, exacerbating succession conflicts. The Kapur, Modi, Oberoi, Bajaj, Ambani, Kalyani, Kirloskar and Godrej cases illustrate the challenges of balancing familial loyalty with corporate governance, with outcomes shaping the legacies of some of India’s most influential conglomerates.The resolution of the Kapur controversy will significantly influence the future of the Sona Group’s legacy.
Kapurs, Modis, Oberois – Succession wars bleed biz giants
