The fight of Modi family has taken a new turn. Now in the AGM of Godfrey Philip Board, the shareholders have approved the removal of Executive Director Samir Modi from the board. In a disclosure given to the exchange, the company said that after the exit of Samir Kumar Modi, this post will not be filled for the time being. At the same time, his mother Bina Modi has been re-elected as Managing Director (MD). At the same time, his daughter Charu Modi has also been elected as Executive Director. After this big change, the dispute in the Modi family seems to be taking a new turn.
Before this important meeting, the group’s head and chairman managing director Bina Modi got relief from the Delhi High Court, which allowed her to vote on behalf of the KK Modi Family Trust in the AGM. The High Court also rejected the petition of Sameer and Ruchir Modi, in which it was demanded to stop Bina from voting in the AGM.
The trust has this much stake in the company
The trust has about 47.5 percent stake in the company, while partner global giant Philip Morris International has a little more than 25 percent stake. However, the right to appoint the MD is completely with the Modi promoter block. It is worth noting that the proposal to oust Sameer Modi, former executive director of the flagship company of KK Modi Group, was put forward by the opposing camp led by his mother Bina Modi, which the promoters have approved by voting.
Bonus Shares and Dividends
Shares of Godfrey Phillips India Limited surged sharply in Friday’s trade and hit an all-time high. Despite a sharp drop in domestic benchmarks, the stock jumped 14.50 per cent to a record high of Rs 7,320. This rise came after the company said that it would hold a meeting on September 20 to consider and approve a bonus issue of shares in the ratio of 2:1. If approved, two other shares will be available for one share. Apart from this, it has also announced a dividend of Rs 56 per share on equity shares.
11000 crore dispute of Modi family
Ever since the death of KK Modi, the dispute in the Modi family has increased. KK Modi’s sons Sameer Modi and Lalit Modi are on one side, while Bina Modi and her daughter Charu Modi are on the other side. Sameer Modi has accused his mother Bina Modi of getting attacked several times. He also said that many times a conspiracy was hatched to keep him out of the board. After the death of KK Modi, his companies and other properties are worth Rs 11000 crore, there is a dispute over the division of which and the matter is pending in the court.
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