Karisma Kapoor's ex-husband and billionaire businessman Sunjay Kapur died on June 12 after suffering a heart attack during a polo match in London.
Kapur's sudden death created a mini-crisis of succession at Sona Comstar, one of the world's leading auto component manufacturers.
He took over the company after the death of his father, Dr Surinder Kapur, in 2015 and spearheaded its expansion into new markets.
Bloomberg reported that Sona Comstar has a market cap of Rs 31,000 crore (nearly $4 billion). Following his death, the company's shares fell by 7% as speculation over succession intensified.
Sona Comstar addressed Sunjay Kapur's death in a statement that read, "His vision, values, and dedication to excellence have left a lasting legacy for the company. We assure our customers, business partners, employees, and shareholders that our operations and prospects remain unchanged as we honour his legacy."
While there is no official confirmation yet on who will take over the reins of the company, a report by India.com stated that Sunjay's sisters may step into management roles for now. The existing board is currently exercising its powers. Days after Sunjay's death, the board appointed Jeffrey Mark Overly as chairman.
The Succession Feud
Sunjay Kapur's death has triggered a bitter feud within the Kapur family. Rani Kapur, the widow of Sona Group founder Dr Surinder Kapur and Sunjay's mother, alleged that she was excluded from key decisions made during her period of mourning.
In a letter to SEBI and company shareholders, she wrote: "I was emotionally shattered and coerced into signing documents I hadn't seen. This AGM is a betrayal of the family legacy."
She further accused the board of undermining the family legacy by swiftly appointing Priya Sachdev Kapur, Sunjay's wife, as a non-executive director without family consultation. Rani also raised concerns over unauthorised individuals claiming to represent the family.
However, the company refuted these allegations in an official statement, noting, "Rani Kapur has not held shares in the company since 2019. No documents were signed or collected from her after Sunjay's death. All board decisions, including Priya's appointment, followed due process and shareholder approval. The AGM notice was issued on July 1; her request to delay came only on July 24."
Who Inherits What?
According to Forbes, Sunjay Kapur had a net worth of $1.2 billion (Rs 10,300 crore) at the time of his death. His peak wealth was valued at $1.6 billion (Rs 13,000 crore) in 2022 and 2024.
Sunjay was the sole beneficiary of the RK Family Trust, which holds the promoter stake in Sona Comstar via Aureus Investments Pvt Ltd. As per law, the management of his estate and wealth now passes on to his wife, Priya Sachdev Kapur.
However, his two children with Karisma Kapoor, Samaira (20) and Kiaan (14), have also been provided for. As part of legacy planning, Sunjay had gifted bonds worth Rs 14 crore to the two children and ensured a monthly income of Rs 10 lakh each, according to reports.
During the asset allotment, Karisma was also given ownership of a house owned by Sunjay Kapur's father.
Background
Sunjay married Bollywood actress Karisma Kapoor in 2003. The couple became parents to daughter Samaira in 2005 and son Kiaan in 2011. They filed for divorce through mutual consent in 2014, and the divorce was finalised in 2016. Custody of the children was given to Karisma, while Sunjay was granted visitation rights.
Post-divorce, Sunjay married Priya Sachdev, who already had a daughter from a previous marriage. The couple later had a son together named Azarius, who is now 6.
About Sunjay Kapur's Death
According to sources close to him, Sanjay Kapur was playing polo at the Guards Polo Club when he felt suffocated. He requested to stop the game and then left the ground. Thereafter, he suffered a heart attack and died. The sources further said, Sunjay Kapur apparently swallowed a bee, and the sting in his throat caused a heart attack.
Sunjay was running a polo team, Aureus, of which he was the patron. He was playing against Sujan, a team run by hotelier Jaisal Singh, when the tragic incident occurred.