The Delhi High Court on Thursday dismissed Ruchir Modi’s plea to stop his grandmother Bina Modi from voting at the Annual General Meeting (AGM) of Godfrey Phillips on September 6 (Friday).
The court has also directed Bina Modi to file an affidavit on a half-yearly basis on the remuneration and benefits amount she receives as managing director of the company.
The court also said that if it passes a direction against her appointment as managing director, then she shall resign without claiming equity, and this has to be conveyed at the AGM meeting on Friday.
Ruchir Modi, son of former Indian Premier League (IPL) chairman Lalit Modi, was seeking to remove his grandmother from the office of the managing trustee of the K K Modi Family Trust and also appoint an administrator to sell the trust assets and distribute the net proceeds amongst the four family branches.
This comes on the eve of the AGM, in which Bina Modi is allowed to cast a vote on behalf of the K K Modi Family Trust. The trust has nearly 47.5 per cent stake in the company, with partner, global giant Philip Morris International, holding just over 25 per cent stake.
The inheritance dispute centres on K K Modi’s extensive holdings, including a significant share in Godfrey Phillips and other family companies. Following K K Modi’s death in 2019, Samir has contested his mother’s management of the family’s affairs in the Supreme Court. Despite previously receiving an offer from his mother to buy his stake, Samir now refuses to exit and has accused her of not distributing funds as outlined in his father’s trust deed.
Samir, along with his siblings Lalit and Charu Modi, are supposed to be equal beneficiaries according to a trust deed executed by their father.
First Published: Sep 05 2024 | 6:13 PM IST