Supreme Court Stays Kapur Family Director Appointments at RIPL

Supreme Court Intervenes in Kapur Family Dispute, Stays Key Agenda Items for Raghuvanshi Investment Pvt. Ltd.

Mumbai/New Delhi: The Supreme Court has stayed several key agenda items proposed for the 18 May board meeting of Raghuvanshi Investment Pvt. Ltd. (RIPL), a stakeholder in the estate of late businessman Sunjay Kapur. The two-judge bench comprising Justice J.B. Padriwala and Justice Ujjal Bhuyan passed the order, halting the appointment of additional directors and proposed changes in authorised signatories for company bank accounts.

The proposed 18 May board meeting includes 33 agenda items covering governance restructuring, RBI compliance, banking operations, and committee appointments. Amid the ongoing Kapur family dispute, 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. In contrast, 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.

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Key Comparison: Proposed Agenda Items

The mediation push has been ongoing since the Supreme Court referred the dispute to mediation on 7 May, appointing former Chief Justice of India D.Y. Chandrachud as mediator. The court has urged 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." The judge also made an emotional appeal for reconciliation, adding, "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."

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The mediation will go on for two months, and the court has asked for an interim report before the next hearing on 6 August. The family has been embroiled in disputes since Sunjay Kapur's death on 12 June 2025. Rani Kapur alleged in September that while their family grieved Sunjay's death, Priya, who was his third wife, saw this as an opportunity to wrest control and usurp their family legacy.