Charu Modi joins board of Godfrey Phillips amidst shareholder fight
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Synopsis
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.
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.
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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.
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