The Supreme Court on Thursday granted interim relief to Rani Kapur, effectively halting a proposed board meeting of Raghuvanshi Investment Pvt. Ltd. (RIPL), a stakeholder in the estate of late businessman Sunjay Kapur. According to reports from Mint, 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 entirely, maintaining the status quo during ongoing mediation proceedings. As reported by The Hindu, the bench conveyed its displeasure over the developments and pointed out that it had time and again said that it would be in the interest of all parties to put an end to the dispute, as failure to do so would result in a long-drawn battle.
The proposed 18 May board meeting includes 33 agenda items covering governance restructuring, RBI compliance, banking operations, and committee appointments. As reported by Mint, 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 court also noted arguments from respondents, including RIPL, that certain board-level changes were being undertaken in line with regulatory requirements, but directed that no action should be taken that could impact the mediation process. According to The Hindu, Senior Advocate Navin Pahwa, appearing for Rani Kapur, contended that the May 18 meeting was aimed at wresting control from his client, while Senior Advocate Kapil Sibal, representing RIPL, said the proposed meeting was only in conformity with RBI guidelines for Non-Banking Financial Companies, but the bench said it can wait.
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. According to Mint, 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 resolution, the bench said: "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." As reported by The Hindu, the bench added, "We believe that for the present, the agenda items objected to may not be discussed in the meeting which is scheduled on May 18, 2026. We would like to examine the progress that takes place in so far as the mediation is concerned."
Despite the ongoing legal dispute, Sona BLW delivered exceptional financial performance in Q4 FY26, with revenue growing 47% year-on-year to ₹1,272 crore. The company's EV business now accounts for 39% of total quarterly revenue, while net profit increased 17% YoY to ₹192 crore. The company maintains a strong order book of ₹23,700 crore as of March 31, 2026, with CEO Vivek Vikram Singh confirming that the feud has had zero impact on company operations. According to Mint, the Supreme Court's intervention reduces the immediate governance risk that had begun to weigh on the stock, as the shift from aggressive board maneuvers to status-quo mediation removes the "governance overhang" that had been affecting investor sentiment. The company's ability to clear legal hurdles while maintaining a 24.4% EBITDA margin suggests continued capital allocation towards growth-heavy EV programs, with FII holding increasing to 312 investors in the March 2026 quarter, indicating rising global confidence.
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. As reported by Mint, 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, with Rani Kapur alleging that Priya saw this as an opportunity to wrest control and usurp their family legacy. Rani Kapur has also challenged moves linked to the scheduled board meeting and sought to prevent participation by her daughter-in-law Priya Sachdev Kapur and other parties until the mediation process concludes. The mediation process will continue for two months with an interim report required before the next hearing on 6 August. The dispute over Sunjay Kapur's estate has since widened into multiple legal battles, with his children from actor Karisma Kapoor separately challenging the authenticity of his alleged will before the Delhi High Court.
