SC asks Kapurs not to do anything that may affect mediation process

The Supreme Court on Thursday asked late industrialist Sunjay Kapur’s mother, Rani Kapur and his wife, Priya Kapur, embroiled in a dispute over the family trust, not to do anything that could directly affect mediation proceedings.

The apex court on May 7 appointed former Chief Justice of India DY Chandrachud to act as mediator in the dispute. On Thursday, the top court observed that it would be in the interest of all parties concerned to put an end to the entire dispute amicably, otherwise it could be a “long drawn battle”. A bench of Justices JB Pardiwala and Ujjal Bhuyan was dealing with an application filed by the 80-year-old Rani Kapur, who expressed concern about the meeting of the board of directors of Raghuvanshi Investment Pvt Ltd scheduled to be held on May 18.

The counsel appearing for Rani Kapur told the bench that Raghuvanshi Investment Pvt Ltd has substantial holding in the parent company. The bench noted that Rani Kapur was concerned about the items on the agenda that related to the appointment of two independent directors and some modification in the authorised signatories for the operation of bank accounts of the company.

he counsel appearing for the respondents, including Priya Kapur and Raghuvanshi Investment Pvt Ltd, said the appointment of independent directors as such should not be a matter of any objection and the meeting was being convened in view of some directive issued by the Reserve Bank of India (RBI).

“We do not propose to say anything further at this point of time. We have already requested the mediator to start with the mediation proceedings. For the present, we request the opponents not to do anything which may directly affect the mediation proceedings,” the bench said.

It said for the present, the issues relating to the appointment of two independent directors and some modification in authorised signatories may not be discussed in the meeting scheduled on May 18.

“We would like to examine the progress that takes place in so far as the mediation is concerned. Post this matter for further hearing on August 6,” the bench said. It said in the meantime, the directives of the RBI and statutory compliances need not be insisted upon by the RBI or statutory authorities.

The counsel appearing for Rani Kapur said since the court had already referred the parties for mediation, such meetings could aggravate the situation.

“Listen once again and this both of us are reiterating. Settle it,” the bench told the lawyers appearing for the parties. Justice Pardiwala observed there had to be a will to settle the matter.

“Don’t go before the mediator with a heavy heart or with some reservations that just because court has pushed us for mediation, let us go,” he said.