The Supreme Court has halted key agendas, including director appointments, for a May 18 board meeting amidst a Rs 30,000-crore family estate dispute between Rani Kapur and Priya Sachdev Kapur, urging parties to focus on mediation.
The Supreme Court on Thursday put on hold the agendas relating to the appointment of independent directors and modification of authorised signatories for bank operations in the May 18 board meeting proposed by Raghuvanshi Investment Private Limited (RIPL), a stakeholder in the estate of late businessman Sunjay Kapur.
A bench led by Justice JB Pardiwala passed the order while hearing the Rs 30,000-crore family estate dispute between Sunjay Kapur's 80-year-old mother, Rani Kapur, and his third wife, Priya Sachdev Kapur, along with other claimants in the family.
The court also asked the parties not to precipitate the ongoing conflict during the pendency of mediation proceedings. The court's decision came on a fresh plea in the matter filed by 80-year-old Rani Kapur that raised concerns regarding the scheduled meeting, especially the appointment of additional directors and sought to restrain the meeting until the pending mediation proceedings in the matter.
The court also noted the submission made on behalf of the respondent's side, including Priya Sachdev Kapur and the company RIPL, that the appointment of independent directors was being undertaken pursuant to directions of the Reserve Bank of India (RBI). However, the court said that for now, the parties should not do anything which may directly affect the mediation process.
Court Appeals for Amicable Resolution
The apex court further directed the RBI that the statutory compliances concerning the appointment of directors need not be insisted upon in the meantime. During the hearing, the court also made an emotional appeal to the parties to amicably resolve the dispute. "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", Justice Pardiwala said.
Rani Kapur had moved to the Supreme Court with a fresh plea seeking to restrain Priya Sachdev Kapur and certain other respondents from interfering with the functioning of the "RK Family Trust" during the pendency of the mediation proceedings initiated by the court on May 7. She had sought a stay on the board meeting scheduled for May 18 pursuant to the notice and agenda dated May 8 issued by Raghuvanshi Investment Private Limited (RIPL), which allegedly holds a major portion of the disputed family estate. (ANI)
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