The Supreme Court declined to halt a board meeting of Raghuvanshi Investment Private Limited (RIPL) in the RK Family Trust conflict involving Rani Kapur and Priya Sachdev Kapur. However, the company was barred from addressing agenda items related to appointing independent directors and altering authorized bank signatories during the meeting. The court, led by Justices J.B. Pardiwala and Ujjal Bhuyan, made this decision while considering a fresh plea from 80-year-old Rani Kapur, seeking to postpone the scheduled May 18 board meeting.
Given that the dispute is under mediation, the court advised against actions that could impact the mediation process directly. Emphasizing the importance of resolving the conflict amicably, the court urged all parties to refrain from actions that could prolong the legal battle. Senior advocate Navin Pahwa, representing Rani Kapur, argued that the board meeting aimed to sideline her from the family-controlled entities, alleging that her majority shareholding was transferred into a trust without her knowledge.
On the other side, senior advocate Kapil Sibal, representing the respondents including Priya Sachdev Kapur and RIPL, clarified that the appointment of independent directors was in compliance with Reserve Bank of India (RBI) directives following an inspection. Sibal highlighted that the board meeting was called to fulfill statutory and regulatory obligations, not to disrupt the ongoing mediation process. The court allowed the meeting to proceed but instructed that matters concerning independent director appointments and changes in bank signatories be put on hold for now.
The latest plea stemmed from a notice issued by RIPL on May 8, convening a board meeting on May 18. Rani Kapur raised concerns about the meeting bypassing court-ordered mediation and requested directions to halt it until the mediation concludes. She also sought orders preventing interference in the RK Family Trust’s operations during the mediation. The disputed agenda items included appointing independent directors and changing authorized bank signatories.
