look news india
Godfrey Phillips India Limited shareholding dispute in Modi family: Godfrey Phillips India Limited, a company established in London and which expanded its business during the British rule in India, has now become a part of the Indian company Modi Enterprises. But a war has broken out between mother and son on this issue of the company. The company deals in everything from cigarettes to pan-masala and is one of the leading companies. This company is a famous brand of Marlboro cigarettes and Pan Vilas.
A new controversy has arisen on this issue of the company. Veteran businessman and executive director of GPA company Sameer Modi has expressed concern about his mother's position in Godfrey Phillips India. Sameer Modi claims that the threat to the business has increased under the leadership of Bina Modi. Bina Modi is the managing director of this company. Sameer Modi hopes that the shareholders will vote on the future of the company in the AGM planned on September 6.
Sameer will decide to remove Modi!
Company's executive director Samir Modi said that many attempts were made to remove him from the post. Now the shareholders will decide whether to keep me in the company or not. Glass Lewis has also said that there is not enough information about why they want to remove me. Glass Lewis Tochi is an American proxy advisory firm. Who advised the shareholders to vote against the reappointment of Bina Modi as chairperson and managing director.
Dispute over property worth Rs 1100 crore
Veteran businessman KK Modi passed away in 2019. KK Modi has two sons and a daughter. The elder son Lalit Modi is accused in the money laundering case, while daughter Charu handles the education business of the Indian Modi Group. Younger son Sameer Modi handles the business related to retail and cosmetics. After the death of KK Modi, tension has increased in the Modi family over the allocation of properties worth Rs. 11000 crore. The matter has reached the court. At present no decision has been taken on this. The Modi family owns 50 percent stake in Godfrey Phillips.
Many efforts have been made to resolve the dispute: Samir Modi
Samir Modi said, father KK Modi had envisioned a future in which the family would work while maintaining the legacy and continuity of the business. My father wanted my mother and sister to handle the chemical business while he and his elder brother Godfrey would manage Phillips.