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 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. There has been another new turn in the fight of the Modi family. Now in the AGM of the Godfrey Phillips board, the shareholders have approved the removal of Executive Director Sameer Modi from the board. In the clarification given by the company, it was said that after the departure of Sameer Modi, this post cannot be filled now. His mother Bina Modi has been re-elected as Managing Director. 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.
Ahead of the crucial meeting, the group's chairperson and managing director Bina Modi got relief from the Delhi High Court, which allowed her to vote on behalf of the KK Modi Family Trust at the AGM. The High Court also dismissed the petition filed by Sameer and Ruchir Modi seeking to bar Bina Modi from voting at the AGM.
such participation in the company held by the trust
The trust holds about 47.5 percent stake in the company, while partner global giant Philip Morris International holds a little over 25 percent stake. However, the right to appoint the MD rests entirely with the Modi promoter block. It is noteworthy that the opposition group led by his mother Bina Modi had proposed to oust Sameer Modi, former executive director of the parent company of KK Modi Group, which the promoters have approved by voting.
Bonus Shares and Dividends
Shares of Godfrey Phillips India Limited surged in trade on Friday and hit a new all-time high. The stock rose 14.50 per cent to a record high of Rs 7,320 despite a sharp decline in domestic benchmarks. The rise came after the company said 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, one share will get two other shares. Apart from this, it has also announced a dividend of Rs 56 per share on equity shares.
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 Bhartiya 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.