Published Time: 08-10-2025, 14:30 U.S. ET

The sudden death of Indian billionaire Sunjay Kapur has ignited a fierce inheritance dispute that highlights the complexities and risks inherent in family-run corporate empires across India. As Kapur’s family and Sona Comstar—the automotive components giant he helped lead—navigate conflicting claims and legal battles, experts emphasize the urgent need for formal succession planning among India’s numerous family-owned businesses.

Sunjay Kapur, heir to one of India’s largest automotive firms, passed away unexpectedly in June 2025. His death has triggered a contentious inheritance struggle involving his immediate family and the corporate board of Sona Comstar, spotlighting broader challenges faced by many Indian family businesses.

Sudden Death Sparks Controversy and Legal Challenges

Kapur, 53, died from a heart attack while playing polo in Surrey, UK, on June 12, 2025. He was part of a prominent business family that controls Sona Comstar, a $3.6 billion company with manufacturing facilities across India, China, Mexico, and the United States. The firm is a key player in India’s automotive components sector, publicly traded on Indian stock exchanges under the ticker Sona BLW.

Shortly after his death, Kapur’s mother, Rani Kapur—former chairperson of Sona Comstar—raised serious concerns about the circumstances surrounding his passing. In a letter to the company’s board dated July 24, she described the death as occurring under “highly suspicious and unexplained circumstances” and alleged undue pressure to sign important documents amid her grief.

However, the Surrey coroner’s office confirmed that the death was due to natural causes following a postmortem investigation, and the case was officially closed.

Despite this, Rani Kapur’s claims have fueled public speculation and media attention. She also requested the postponement of the company’s annual general meeting (AGM) planned for July 25, aiming to delay appointing a new director purportedly representing the family’s interests. The board proceeded with the AGM regardless, appointing Sunjay Kapur’s widow, Priya Sachdev, as a non-executive director.

Conflicting Claims and Corporate Governance Questions

Rani Kapur maintains she is the sole beneficiary of a will from 2015 that includes a majority stake in Sona Group, encompassing Sona Comstar. The company, however, disputes her claims, stating she has had no involvement in its affairs since at least 2019. The board also issued a legal notice accusing her of spreading false and damaging statements.

Public shareholders—including banks, mutual funds, and financial institutions—own roughly 72% of Sona Comstar, while promoters control the remaining 28% through a private firm, Aureus Investments Pvt Ltd. Sunjay Kapur was the sole beneficiary of the RK Family Trust, which manages the promoters’ stake.

Legal experts note that while Rani Kapur is not a registered shareholder and lacks direct voting rights, her involvement in trusts or private agreements could complicate ownership claims. Corporate litigator Tushar Kumar explains, “Until the relevant trust documents are made public, it remains unclear what interests she may hold.”

A Wider Issue Among Indian Family Businesses

The Kapur family feud is far from unique. Family ownership dominates Indian listed companies, with nearly 90% controlled by founding families. Yet a PwC survey finds only 63% have formal succession plans, leaving many vulnerable to internal conflict after the passing of a patriarch or key leader.

Kavil Ramachandran from the Indian School of Business observes that ambiguity around ownership and inheritance is common. “Most Indian family businesses operate with significant uncertainty about who owns what and who inherits when,” he says. This lack of clarity often leads to disputes over management control and ownership stakes.

Business advisor Ketan Dalal adds, “Without merit-based leadership and clear agreements, disputes arise quickly, making resolution difficult as time passes.”

Notable Precedents in Indian Corporate Succession Battles

India’s corporate history includes several high-profile succession struggles that have impacted shareholder value and public perception. Mukesh Ambani, Asia’s richest man, was involved in a prolonged feud with his late father’s other heir over the Reliance Industries empire following Dhirubhai Ambani’s death without a will in 2002. The conflict was eventually resolved through mediation by their mother, Kokilaben Ambani.

More recent disputes have unfolded within the Raymond Group and the Lodha family, whose company developed the Trump Tower in Mumbai. Such conflicts often disrupt operations and erode investor confidence.

Sandeep Nerlekar, managing director of the legacy planning firm Terentia, warns, “Companies suffer when control remains concentrated in a few hands without proper succession planning. Stock prices and business outlooks can deteriorate quickly.”

Positive Steps Toward Structured Succession

Some Indian business families have taken steps to avoid succession pitfalls. The Bajaj family, after a court-mediated dispute in the 2000s, implemented a governance model involving a family council that oversees decision-making by consensus.

Similarly, the Godrej Group, one of India’s oldest business houses, recently announced an amicable division of its multi-billion dollar empire, signaling a move toward clearer succession frameworks.

Mr. Nerlekar advocates for robust governance: “Families need strong boards empowered to guide the business long-term. They must groom the next generation proactively and have clear succession plans well before transitions occur.”

Mukesh Ambani’s approach of preparing his children for leadership roles years in advance exemplifies this trend. Ramachandran emphasizes that “succession cannot be rushed; it requires deliberate preparation of both family members and the operational team over a planned transition period.”

The ongoing dispute surrounding the Kapur family and Sona Comstar underscores the critical importance of transparent, legally sound succession planning in India’s family-owned business landscape. Without such measures, heirs risk costly conflicts that threaten both legacies and company performance.

Source: BBC – Billionaire inheritance feud spotlights India’s messy family succession

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NEW YORK — For many American small business owners, the latest round of tariffs on Chinese imports has pushed them to the brink. With tariffs now as high as 145%, major product shipments are stranded overseas, invoices are piling up, and future operations are uncertain.

While President Donald Trump recently hinted that the tariffs could “come down substantially,” the damage is already being felt. For small businesses operating on tight margins, the financial strain and policy unpredictability have created a crisis with no clear end in sight.

In Manchester-by-the-Sea, Massachusetts, WS Game Company—a family-run business that creates deluxe editions of Hasbro classics like Monopoly and Scrabble—has seen its 25 years of growth abruptly stall.

The company’s games, which retail for $40 and were featured on Oprah’s Favorite Things list in 2024, are manufactured entirely in China. Now, three of its shipping containers—carrying $500,000 worth of finished games—are stuck overseas. More critically, the company lost $16 million in orders from three major U.S. retailers.

“We can’t just switch manufacturers overnight,” said owner Jonathan Silva. With only about four months of financial runway left, Silva warns, “These tariffs have disrupted our business and put us on the verge of insolvency.”

In Lexington, Kentucky, Jeremy Rice co-owns House, a home décor store that relies heavily on silk flowers from China—about 90% of their inventory.

Vendors are already hiking prices by 20% to 25%, and smaller suppliers are expected to raise them even higher. Despite ordering holiday stock early, Rice only has enough everyday inventory to last a few months.

“After that, I don’t know what we’re going to do,” he said, fearing a wave of small store closures similar to what happened during the Great Recession and the pandemic.

In Ann Arbor, Michigan, Lisa McDonald, owner of TeaHaus, says the tariffs have left her with a sinking feeling. Her shop, located near the University of Michigan, has served premium teas for nearly 18 years.

With the U.S. importing almost all of its tea due to climate and cost, McDonald can’t simply shift suppliers. Her premium blends—some priced up to $33 for a 50g bag—could become unaffordable if tariffs stay in place.

“We can’t just flip a switch and grow tea in America,” she said. “It’s not realistic.”

Jim Umlauf, owner of 4Knines in Oklahoma City, makes pet-friendly seat covers and cargo liners for vehicles—products that require specialized materials from China.

Umlauf tried moving production elsewhere after the 2018 tariffs but hit roadblocks. Now, with the newest tariffs in place, he says they’re barely surviving. “We have a limited amount of inventory left, and without some relief, we’ll run out soon.”

Frustrated by the lack of response from government officials, Umlauf added: “It’s time for policymakers to understand that trade policy affects real people, not just stock prices.”

For small businesses across America—from tea sellers to board game makers—the tariff war with China is doing more than reshaping trade policy. It’s threatening their very survival. Without swift relief or support, many could soon shut their doors for good.

Source: AP News – ‘Nowhere to turn’: Small businesses dependent on imports from China are feeling more desperate

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In Singapore, a bright green cake is more than just a dessert – it’s a daily ritual. Locals enjoy a slice of pandan chiffon cake on their way to work or grab an entire one for special occasions like birthdays. With its light, fluffy texture and a subtle grassy vanilla flavor, the cake has become a beloved staple in the city’s culinary landscape.

The cake’s signature color and taste come from pandan, a tropical plant believed to have originated in Indonesia’s Moluccas Islands. It’s been used in cooking for centuries and has found a special place in Singapore’s food culture, particularly in the pandan chiffon cake. First appearing in the 1970s, the cake has since spread across the island, from humble neighborhood bakeries to high-end restaurants.

At the heart of this pandan cake craze is one family-owned bakery: Bengawan Solo. Founded in 1979 by Anastasia Liew, the bakery began as a small neighborhood shop selling homemade cakes. It wasn’t long before it grew in popularity, and today, the brand has over 40 locations throughout Singapore.

“I made it popular in Singapore,” Anastasia Liew proudly states, while her son Henry, now a company director, humorously adds, “Sorry, we’re not very modest.”

While Bengawan Solo sells a variety of traditional Asian cakes and pastries, such as kueh lapis (layer cake), ondeh ondeh (glutinous rice balls filled with palm sugar), and pineapple tarts, it’s the pandan chiffon cake that has become their signature product.

The bakery’s growth isn’t just limited to Singapore. Over the years, Bengawan Solo has gained a significant following thanks to word of mouth and celebrity endorsements. In 2015, Mandopop star JJ Lin gifted Bengawan Solo cakes to fellow judges on a Chinese singing show. In 2022, Taiwanese music legend Jay Chou shared his love for the cakes on Instagram after being gifted them during his performance in Singapore.

As of last year, the bakery sold an impressive 85,000 pandan chiffon cakes, each priced at about 22 Singapore dollars ($17), bringing in around 76 million Singapore dollars ($57 million) in total sales, a jump of 11% from 2023. However, the family sees even greater potential for growth outside Singapore.

“I don’t think we can grow very much more in Singapore,” Henry admits. Instead, the focus is on introducing Bengawan Solo to other parts of Asia and the world, with an emphasis on food gifts, capitalizing on the region’s strong gift-giving culture. Henry also mentions that the company is exploring unique packaging to appeal to global markets.

Bengawan Solo’s presence has grown to include five locations at Singapore’s Changi Airport, one of the busiest airports in the world. These airport stores now account for more than half of the company’s total sales, and demand for the pandan chiffon cake has spread to places like Hong Kong, where it’s become a favorite gift among travelers.

But global expansion has its challenges. High rental costs in cities like Hong Kong have posed obstacles, and the family is committed to maintaining the quality of their products. They source most of their ingredients locally, including pandan leaves, which they get from just across the border in Malaysia.

Despite these hurdles, the appetite for pandan is growing worldwide. In Hong Kong, a bakery called Pandan Man is selling pandan cakes in upscale shopping malls, and pandan-infused treats like mochi egg tarts and cronuts are popping up in cities like New York, San Francisco, and Los Angeles.

Keri Matwick, a senior lecturer at Nanyang Technological University in Singapore, has researched food trends and language. She observes that Asian ingredients like matcha, coconut, and ube are gaining popularity in Western desserts. Matcha, in particular, has seen such widespread use that some sellers in Japan are warning of a potential shortage due to the ingredient’s overwhelming demand.

Now, pandan may be on the brink of its own global rise. “Matcha has already set that precedent of something green being okay,” Matwick notes. “I think pandan is starting to emerge as more of a star than it ever has before.”

As demand for pandan-flavored products grows, we may soon see this vibrant green cake become a global sensation, just as matcha did before it. For now, it’s clear that Bengawan Solo – and the Liew family behind it – is at the forefront of the pandan revolution, taking this beloved Singaporean treat to the world.

Source: CNN – Singapore’s pandan cake craze is going global. Meet the family that sparked a spongey revolution

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Italian fashion designer Rosita Missoni, co-founder of the iconic fashion house known for its vibrant, patterned designs, passed away on Wednesday at the age of 93, as confirmed by a company official.

Rosita, alongside her husband Ottavio Missoni, founded the Missoni brand in 1953, creating a legacy centered around colorful knitwear adorned with geometric patterns and the brand’s signature zigzag motif, fiammato.

Born into a family of textile artisans near Varese, Italy, Rosita initially studied modern languages. Her journey into fashion began in 1948 during a trip to London, where she met Ottavio, who was competing as a member of Italy’s 400-meter hurdles team at the Olympic Games.

A Fashion Revolution

The Missoni brand rose to international acclaim for its bold use of textiles and avant-garde approach to design, often likened to modern art. The company’s colorful creations, especially its geometric patterns, became a symbol of the vibrant, eclectic style that emerged in the 1960s.

One of the most memorable moments in the brand’s history was the “battle of the bras” in 1967. Invited to show at the Pitti Palace in Florence, Rosita noticed that the models’ bras were visible through their outfits, spoiling the carefully designed patterns. Insisting that the bras be removed, Rosita inadvertently caused a sensation when the models’ outfits became transparent under the runway lights. Despite being banned from returning to the event the following year, the Missoni name became a fixture in top fashion magazines like Vogue, Elle, and Marie Claire.

The Missoni Legacy

Rosita and Ottavio’s designs caught the attention of a fashion world moving away from the rigidity of high fashion, making Missoni the epitome of the “put together” style. The brand’s layered, colorful creations became synonymous with effortless chic.

In the 1970s, the Missonis relocated to Sumirago, near Milan, where they built a home overlooking the Monte Rosa mountains, a place dear to Rosita’s heart. Rosita remained the creative director for the women’s collections until the late 1990s, when she passed on the role to her daughter, Angela Missoni.

Tragedy and Expansion

The family experienced immense loss in 2013 when their eldest son, Vittorio Missoni, the company’s marketing director, tragically died in a plane crash off the coast of Venezuela. Just months later, Ottavio passed away at the age of 92, only four months after his son’s disappearance.

Under the guidance of the Missoni family, the brand expanded into home collections and luxury hotels. In 2018, the family secured a €70 million investment from the Italian investment fund FSI, which took a 41% stake in the company to help boost the brand’s international presence.

In 2023, Missoni selected Rothschild as its financial adviser to explore the possibility of selling the family-owned brand. Rosita Missoni’s creative vision and legacy will continue to inspire the fashion world for years to come.

Source

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