KK MODI GROUP
Samir Modi removed from board of Godfrey Phillips amid family feud
Samir Modi has been ousted from Godfrey Phillips India's board amidst a family inheritance dispute. His earlier court-granted protection against removal was revoked. Charu Modi has been appointed to the board in his place. The removal occurred against the backdrop of cases Samir filed against board members, alleging assault and conspiracy.
Bina Modi should recommend Samir Modi’s appointment to Godfrey Phillips Board, says Delhi court
A south Delhi court mandated that Bina Modi must recommend Samir Modi for Godfrey Phillips India's board, though the nomination and remuneration committee will make the final decision. This comes amid Samir's claims of a conspiracy against him by his mother and other directors. The court also permitted the company's planned exit from the 24/7 retail business.
Godfrey Phillips succession battle: Bina Modi refutes assault allegations by son Samir
Godfrey Phillips director Bina Modi denies assaulting her son Samir during a board meeting. The family dispute between the Modis continues with allegations and counterclaims. Legal proceedings are ongoing as both parties present their sides in court.
Police affirm assault on Samir Modi by mom's PSO, but find no conspiracy
Delhi police’s status report affirmed Samir Modi, GPI’s executive director, was assaulted by Bina Modi’s PSO, with no evidence of criminal intimidation or conspiracy by Bina Modi or Lalit Bhasin. PSO Surendra Prasad denied receiving written orders. Bina Modi is a director and Bhasin an independent director at GPI. GPI's board did not respond.
Charu Modi joins board of Godfrey Phillips amidst shareholder fight
Charu Modi has been appointed to the board of Godfrey Phillips India amid an ongoing inheritance dispute within the KK Modi group. Charu, one of the late KK Modi's three children, has been associated with the group's education ventures but will now take a more active role in the company. She aligns with her mother, Bina Modi, who is in a legal battle with her sons, Lalit and Samir Modi, over the family's inheritance and the dissolution of a family trust established in 2014.
Samir, Lalit Modi question mother's use of voting rights
Samir and Lalit Modi have raised concerns over mother Bina Modi's potential influence through shareholder voting rights at Godfrey Phillips India Ltd due to her control over KK Modi Investment and Financial Services,. This has created a conflict over her reappointment to the company's board amidst a bitter family inheritance dispute. The brothers suspect their mother of misusing her voting rights, leading to legal actions and a looming decision at the upcoming annual general meeting.
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Samir Modi assault case: Court seeks probe updates from cops
The younger son of KK Modi and Bina Modi had lodged a FIR with Delhi Police on Friday, accusing his mother, her personal security officer (PSO) and Godfrey Phillips directors of causing him "grievous hurt". Subsequently through his counsel advocate Vijay Aggarwal had moved the Saket district court seeking for monitoring of the investigation, preservation of the CCTV footage and calls records of the accused persons and seizure of their mobile phones.
Godfrey Phillips executive director Samir Modi alleges threat from mother, seeks police protection
Samir Modi seeks protection from Delhi Police amid estate distribution feud with mother, alleging threats from Bina Modi and Lalit Bhasin. He heads businesses like Colorbar Cosmetics and Modicare. Legal battle in the Supreme Court over trust deed.
Feud in Godfrey Phillips: Samir Modi accuses mother Bina of staging assault on him
A Godfrey Phillips spokesperson rejected the accusation. "These allegations are entirely false and atrocious," the person said. "The alleged episode occurred outside the board room when the audit committee meeting was in progress at about 12 noon. This has been captured on in-house CCTV cameras, which can be provided to the relevant investigating authorities."
Godfrey Phillips woos Reliance, Tata & DMart to put 24Seven in their bags
Godfrey Phillips India had said in an exchange filing on April 12 that it plans to exit the loss-making 24Seven convenience chain "following a detailed review of the company's retail business division". The negotiations will hinge on valuation, said one of the persons cited. "The (Modi) group leadership has held talks with groups which have obvious synergies, as of now. The talks are at different stages," the executive said.
Godfrey Phillips to exit retail business division ‘24Seven’
Tobacco manufacturer Godfrey Phillips India Ltd has decided to exit its retail business division, 24Seven, after a negative net worth as of March 31, 2023, following losses. The decision was made after a thorough review of the division, considering stakeholders' feedback, long-term performance, market conditions, and long-term business strategy.
Why is Godfrey Phillips exiting from 24Seven? Here's what may happen to the round-the-clock retail chain
24Seven, a popular late-night convenience store in India, may face closure or seek new investors after its parent company, Godfrey Phillips India, announced its exit from the retail business division. The company's negative net worth as of March 31, 2023, stems from accumulated losses. The retail business generated Rs 396 crore in FY23, accounting for 9.3% of the total revenue for the Modi Enterprises-led company and the retail division.
Terms of inheritance cast in stone in family trust deed: Samir Modi on father KK Modi's legacy
Samir Modi asserts that the terms of his father's ₹11,000-crore legacy, governed by a family trust deed, are non-negotiable. He aims to preserve the family's flagship company, Godfrey Phillips, within the family, proposing a buyout option to resolve the dispute. Despite legal battles with his mother over inheritance distribution, Samir Modi remains committed to advancing the family business, envisioning global expansion for Colorbar Cosmetics and other ventures.
Family feud over Rs 11,000 crore Godfrey Phillips inheritance: Samir Modi challenges mother Bina Modi in SC
Samir Modi, son of late KK Modi, has taken legal action against his mother, Bina Modi, accusing her of mishandling the family's Rs 11,000 crore inheritance. The dispute involves the distribution of the Godfrey Phillips stake and other Modi group shares. Samir, previously aligned with his mother, now supports his brother Lalit in seeking immediate implementation of the trust deed. The family had initially disagreed on dissolving the trust, leading to legal battles initiated by Lalit Modi.
We’re going to see more violence in the Mid-East: Ian Bremmer, Eurasia Group
In a Davos interview, political scientist Ian Bremmer, CEO of Eurasia Group, highlighted artificial intelligence (AI) as a major global issue, affecting every sector of the economy, geopolitics, and security. He expressed concerns about the US democracy facing a crisis, especially with the potential candidacy of Donald Trump in the 2024 election. Bremmer emphasized the absence of global leadership at Davos, referring to it as a "G0 Davos.
24Seven sales up 14 per cent to Rs 405 crore in FY22
"Gross Sales from 24Seven Convenience Stores (TFS) during FY22 was Rs 405 crores, an increase of 14 per cent over last year. The number of stores stands at 105 at the end of March 2022," Godfrey Phillips India CEO Sharad Aggarwal said in an earnings presentation.
Police investigating the death of Bollywood singer KK, to find out whether he died of 'unnatural death'
The singer was rushed to hospital from his hotel at around 10:30 pm, where doctors pronounced him dead.
KK succumbs to cardiac arrest; PM Modi says singer’s songs struck a chord with all ages, Amit Shah recalls his gifted voice
TMC MLA Babul Supriyo also lamented his colleague's death.
Multibagger bets, anyone? Some analysts suggest unlisted names
Dealers of unlisted shares say this space is not for traders; but investors with a long-term outlook can hope to earn hefty returns, if they can pick the right bets.
Breaking the glass ceiling: Dr Bina Modi shares the highs and lows of her boardroom journey
Modi is a celebrated personality who has achieved many accolades in her journey.
Godfrey Phillips India declares interim dividend of Rs 24 per share
The record date for the payment of interim dividend has been fixed on March, 18, 2020, it added.
Delhi High Court dismisses Bina Modi’s plea in favour of Lalit Modi
With this order, now the arbitration in Singapore can’t stay. However, Bina Modi and her two children have the option to challenge the ruling in the division bench in the Delhi High Court. The dispute has to be resolved in the Indian courts.
Bina Modi challenges in HC son Lalit’s Singapore arbitration plan
Bina Modi, wife of late KK Modi, moved the Delhi High Court challenging her estranged son Lalit Modi’s move to initiate arbitration proceedings in Singapore for settling the estate of her late husband. Ms Modi’s two other children Charu Bharti and Samir Modi also joined her in the petition.
BK Modi wants to be "advisor" in offloading KK Modi Family Trust fund
"I am extremely keen that this matter is amicably resolved within the family and the honour and prestige of Late Shri Rai Bahadur Gujarmal Modi and his eldest son Late Sri KK Modi is not impacted in any manner. I agree to play an advisory role in helping you (sic)," BK Modi said, responding to a note from Lalit Kumar Modi, eldest son of KK Modi.
Godfrey Phillips India, other KK Modi businesses up for sale
Godfrey Phillips sells Marlboro brand of cigarettes and is among the country’s largest tobacco manufacturers.
Bina Modi named chairperson of Modi Enterprises after husband KK's demise, says she wants to keep his vision alive
She has been elected as the president and MD of Godfrey Phillips India Ltd.
Rafale review plea based on 'stolen' papers, government tells Supreme Court
The review and perjury applications must be thrown out at the outset as the documents are stolen, Attorney General K.K. Venugopal told SC.
KK Modi's grand birthday bash: Son Lalit plays host, brothers skip party
Friends and family assembled in Taipei, Taiwan, to raise a toast to the founder of Modi Enterprises.
PM Narendra Modi's Swachh Bharat Abhiyan doubles toilet cleaner sales
The toilet cleaners segment, which was growing at 3-6% in the past few years, has seen a sudden surge of 10-12% growth in quarterly sales.
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