Sona Comstar Issues Clarification on Governance, Shareholding, and Misinformation

Sona BLW Precision Forgings Ltd. (Sona Comstar) has released a formal clarification addressing recent misinformation circulating in the media. The company stated that Rani Kapur has had no role in the organization since 2019 and holds no position or ownership stake, making any claims regarding her influence or consent on company matters legally baseless.

Sona Comstar emphasized that it operates under a professional management team and an independent board, with only one non-executive seat held by its promoter entity, Aureus Investments. The company added that it is not a family-run business, with nearly 72% of its shares held by public and institutional investors.

Regarding governance, Sona Comstar noted that the recent board appointments of Jeffrey Mark Overly and Priya Sachdev Kapur were fully compliant with legal norms and overwhelmingly approved by shareholders, receiving 98.9% and 99.4% of the votes respectively.

The company expressed concern that the spread of unfounded allegations has negatively impacted shareholder value, stating such actions undermine the interests of over 400,000 public shareholders. Sona Comstar reaffirmed its focus on operational excellence, innovation, and adherence to the highest standards of governance.