The dispute over Sunjay Kapur's family trust between his mother Rani Kapur and wife Priya Kapur seems to have devolved further with Rani Kapur alleging that Priya Kapur is attempting to circumvent court-ordered mediation.
Rani Kapur's counsel mentioned the matter before a Supreme Court Bench of Justices JB Pardiwala and Ujjal Bhuyan on Tuesday.
On May 7, the Bench had passed an order appointing former Chief Justice of India DY Chandrachud as a mediator for the dispute after all parties agreed to mediation.
However, Rani Kapur informed the Court today that on May 8, Raghuvanshi Investment Private Limited (RIPL), which holds a major part of the disputed estate, issued a notice calling for a meeting of its Board of Directors on May 18.
Counsel for Rani Kapur argued the notice calling for the meeting was issued at the behest of Priya Kapur. He alleged that the respondents were using RIPL's status as a Non-Banking Financial Company (NBFC) and an RBI Inspection Report as an excuse when, in fact, they actually want to appoint new Independent Directors, appoint new authorised signers for RIPL's bank accounts, and take control over its investment decisions.
This would help them usurp the estate and would render the order for mediation infructuous, Rani Kapur's counsel claimed.
RIPL's counsel today countered that the meeting was merely a statutorily mandated one.
However, the Bench ultimately decided to consider Rani Kapur's application on Thursday, May 14.
The dispute in this case concerns the creation and control of the Rani Kapur Family Trust.
Parallel proceedings over control of Sunjay Kapoor's estate and assets are already pending before the Delhi High Court.
Meanwhile, Rani Kapur moved the Supreme Court seeking a status quo on alienation of all properties of the Rani Kapur Family Trust.
According to Rani Kapur, the Trust was used to divest her of her estate, including control over the Sona Group companies.
She has claimed that after she suffered a stroke in 2017, her late son Sunjay Kapur and his wife Priya Kapur exploited her physical condition and trust and transferred her assets to the Trust without her informed consent. In her suit, Rani Kapur has also alleged that she was made to sign documents, including blank papers, under the pretext of administrative convenience.
The dispute intensified after Sunjay Kapur’s death in June last year.
Rani Kapur has alleged that Priya Kapur moved swiftly thereafter to assume control over key Sona Group entities.
A substantial portion of the family assets has gone to Priya Kapur and the children, leaving her with nothing, Rani Kapur has claimed.
In an application, Rani Kapur has argued that the hurried calling of the Board Meeting on May 18 is a blatant abuse of power designed to defeat the very purpose of the ongoing judicial proceedings. If the meeting is permitted to take place, the foundation of the present legal dispute will be irreversibly destroyed, she has argued.
"The Respondents will successfully siphon off, liquidate, or secretly transfer the entire wealth of [RIPL] thereby reducing the protective concerns of [Rani Kapur]," the application reads.
Rani Kapur has sought orders from the Court to restrain Priya Kapur and other respondents from interfering with the functioning of the Rani Kapur Family Trust and declare that she is solely authorised to operate the Trust, RIPL, and other companies holding portions of the estate, till the mediation process is completed. She has also sought orders to prevent convening of any meetings of RIPL.