New Delhi, May 14 The Supreme Court on Thursday asked late industrialist Sunjay Kapur's mother Rani Kapur and his wife Priya Kapur, who are embroiled in a dispute over the family trust, not to do anything which may directly affect the mediation proceedings.
The apex court had on May 7 appointed former Chief Justice of India D Y Chandrachud to act as a mediator in the dispute over the family trust.
On Thursday, the top court observed that it will be in the interest of all parties concerned to put an end to this entire dispute amicably, otherwise it is going to be a "long drawn battle".
A bench of Justices J B Pardiwala and Ujjal Bhuyan was dealing with an application filed by the 80-year-old Rani Kapur, who has expressed concern about the meeting of board of directors of Raghuvanshi Investment Pvt Ltd scheduled to be held on May 18.
The counsel appearing for Rani Kapur argued 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 which relates to appointment of two independent directors and some modification in authorised signatories for the operation of bank accounts of the company.
The counsel appearing for respondents, including Priya Kapur and Raghuvanshi Investment Pvt Ltd, said 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 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 top court had agreed to hear the application filed by Rani Kapur seeking a direction to restrain Priya Kapur and others from interfering with the functioning of the 'RK Family Trust' during the pendency of the mediation proceedings.
On April 27, the top court sought a response from Priya Kapur and others on a lawsuit by Sanjay Kapur's mother seeking directions to declare the family trust "null and void".
The legal proceedings over control of the estate and assets are pending before the Delhi High Court and the petition before the top court seeks a status quo on alienation of all the properties of the trust.
Sunjay Kapur passed away on June 12 after collapsing during a polo match in England. He reportedly suffered a cardiac arrest.
