Bina Modi reappointed as Godfrey Phillips India MD; Charu Modi appointed ED
Bina Modi has been reappointed as Managing Director of Godfrey Phillips India with 86.6% approval from shareholders at the company’s annual general meeting on Friday, the company’s filing with the stock exchanges showed.
Meanwhile, the vacancy created by the resignation of her son Samir Modi will not be filled for the time being, with the approval of 99% of shareholders, the company told stock exchanges.
Bina Modi’s daughter Charu Modi has been appointed as the company’s executive director with 87% approval.
This development comes as the Modi family is in the midst of an inheritance battle.
The Delhi High Court on Thursday cleared the way for Bina Modi, the widow of industrialist KK Modi, to vote as managing director of the KK Modi Family Trust at the 87th annual general meeting (AGM) of Godfrey Phillips India (GPI) on September 6. It rejected her grandson Ruchir Modi’s plea to restrain her from voting.
“I find no merit in the present application. It is dismissed,” said Justice Navin Chawla.
The court also directed Bina Modi to file a sworn statement every six months regarding the remuneration and benefits she received as managing director (MD) of the company. It also said that if any directive was issued against her appointment as MD, she would resign without claiming any equity, and this would have to be declared at the 87th AGM on Friday. The board of directors of GPI had approved the reappointment of Bina Modi as managing director and reappointment of her daughter Charu Modi as executive director for five years, and this came up for vote at the AGM.
Samir Modi was removed from the board of Godfrey Phillips India on August 7 at a meeting after fellow directors did not support his reappointment. In his place, the company appointed Charu Modi, daughter of Bina Modi and sister of Samir and Lalit Modi.
The decision comes amid an ongoing family dispute, in which Samir and his brother Lalit are in dispute with their mother Bina over an inheritance worth between Rs 11,000 crore and Rs 30,000 crore.
Charu, Samir and Lalit are the children of the late KK Modi, who left behind a business conglomerate with interests in tobacco, direct selling, 24/7 retail, cosmetics, agrochemicals and education before his death in 2019.
First publication: 06 Sep 2024 | 21:35 IST