Charu Modi, daughter of the late KK Modi, has been appointed to the board of Godfrey Phillips India amidst a shareholder battle over inheritance at the KK Modi group, according to a stock exchange disclosure by the company.
People aware of the development said Charu, who has been associated with the group's education ventures over the past few years, will take on a more active role at Godfrey Phillips, of which she is a promoter.
Also Read: Police affirm assault on Samir Modi by mom's PSO, but finds no conspiracy
Bina Modi is the managing director of Godfrey Philips and is likely to seek reappointment to the position in September when she will cross the age of 80 years. Her reappointment will require 75% of the company's shareholders to vote in favour, as per regulations. Family patriarch KK Modi passed away in 2019.
Lalit and Samir Modi have filed lawsuits against their mother and demanded dissolution of the family trust which was set up to house its wealth in 2014. Bina Modi helms the affairs of the trust.
The brothers have demanded that the trust be split and that their share of inheritance be granted to them.
Charu prefers continuation of the trust and supports her mother's position at its helm, people cited above said.
Charu Modi did not respond to ET's queries till press time Monday.
As per Godfrey Phillips' stock exchange disclosure, Charu graduated from Delhi's Lady Shri Ram College and completed her MBA at Thunderbird School of Global Management, USA. She has also completed the president's programme in leadership from Harvard Business School.
The KK Modi family's business interests cover tobacco, 24/7 retail, agrochemicals, direct selling, cosmetics and education. The value of the family inheritance has been pegged at anywhere between Rs 11,000 crore and Rs 30,000 crore.
People aware of the development said Charu, who has been associated with the group's education ventures over the past few years, will take on a more active role at Godfrey Phillips, of which she is a promoter.
She is seen to be close to her mother Bina Modi who is locked in a pitched battle with her two sons - former IPL boss Lalit Modi and Samir Modi - over the family's inheritance.
Also Read: Police affirm assault on Samir Modi by mom's PSO, but finds no conspiracy
Bina Modi is the managing director of Godfrey Philips and is likely to seek reappointment to the position in September when she will cross the age of 80 years. Her reappointment will require 75% of the company's shareholders to vote in favour, as per regulations. Family patriarch KK Modi passed away in 2019.
Lalit and Samir Modi have filed lawsuits against their mother and demanded dissolution of the family trust which was set up to house its wealth in 2014. Bina Modi helms the affairs of the trust.
The brothers have demanded that the trust be split and that their share of inheritance be granted to them.
Charu prefers continuation of the trust and supports her mother's position at its helm, people cited above said.
Charu Modi did not respond to ET's queries till press time Monday.
As per Godfrey Phillips' stock exchange disclosure, Charu graduated from Delhi's Lady Shri Ram College and completed her MBA at Thunderbird School of Global Management, USA. She has also completed the president's programme in leadership from Harvard Business School.
The KK Modi family's business interests cover tobacco, 24/7 retail, agrochemicals, direct selling, cosmetics and education. The value of the family inheritance has been pegged at anywhere between Rs 11,000 crore and Rs 30,000 crore.
( Originally published on Jul 08, 2024 )
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