Sunjay Kapur Estate Dispute Would Make 'Mahabharata Seem Small': SC

The dispute over the late industrialist Sunjay Kapur's estate intensified in the Supreme Court on Tuesday, with his mother, Rani Kapur, accusing daughter-in-law Priya Kapur of derailing an ongoing court-monitored mediation concerning the family trust and related assets, prompting the court to remark that the family feud would make even the Mahabharata "seem small."

While agreeing to look into the fresh plea by Rani Kapur, Justice J B Pardiwala remarked, "We have entered into an arena. The Mahabharat will look very small."

The two judge bench was told by counsel for Rani Kapur that steps were being taken to alter the management structure of Raghuvanshi Investment Private Limited (RIPL), a key company linked to the disputed estate, despite the parties having agreed to mediation.

The court said it will hear the matter on May 14. The Supreme Court had on May 7 appointed former Chief Justice of India D Y Chandrachud to mediate the dispute after all sides consented to settlement talks.

Appearing for Rani Kapur, counsel submitted that RIPL issued a notice on May 8 convening a board meeting for May 18. The move, it was argued, had been initiated at the instance of Priya Kapur and was aimed at restructuring control over the company under the guise of regulatory compliance.

According to the submissions, the respondents were citing RIPL's status as a Non-Banking Financial Company and relying on an RBI inspection report to justify the meeting, while their real intention was allegedly to appoint fresh independent directors, designate new authorised signatories for the company's bank accounts and assume control over investment decisions.

The changes, Rani Kapur claimed, would effectively allow the respondents to take over the estate and defeat the purpose of the mediation exercise ordered by the court. Counsel representing RIPL opposed the allegations, maintaining that the proposed board meeting was only being held to fulfil statutory requirements.

The litigation centres on the constitution and control of the Rani Kapur Family Trust. Separate proceedings concerning ownership and management of Sunjay Kapur's estate are also pending before the Delhi high court.

-- Bhavini Mishra, Business Standard