The battle over the assets of the late K K Modi, between his widow, Bina, and son, Lalit Modi, has taken another step.
In a series of tweets on Monday, Lalit Modi said all assets of the group were on sale. Meanwhile, Bina Modi has been elected chairperson of Modi Enterprises.
K K Modi died in November last year and a tussle began between wife and son. “The other three trustees wanted to continue running the business. But, I felt after my father's demise, the value will deplete. I voted for the sale,” Lalit Modi tweeted He has stayed in London since 2010, avoiding this country's probe agencies, who want him for alleged irregularities related to the Indian Premier League cricket tournament.
The group companies include cigarette maker Godfrey Phillips, Indofill Industries and Modicare. "All companies, land, investments in any other companies — and assets listed on http://modi.com will be on sale, except Colorbar, Ego, Beacon Travels and the education businesses, which will be retained to be run by Samir Modi, Bina Modi and Charu Modi," Lalit Modi said.
The investment banker will have a mandate to sell the companies to the highest bidder, he added. "The banker will be assisted by the group CEO, R K Malhotra, who will apprise the trustees, headed by Bina Modi, with Charu, Samir and Lalit Modi. The process for sale laid strictly in the trust guidelines and no deviation allowed."
Modi also tweeted a document regarding the sale, saying Bina Modi could only supervise it — provided the sale takes place in line with the bidding process. He had objected to the appointment of Bina Modi on the board of Godfrey Phillips but the board of directors had rejected the contention, saying they were not aware of the mechanics regarding the KK Modi family trust.
Bina Modi is a director on the board since 2014 and the Nomination and Remuneration Committee (NRC) of Godfrey Phillips has appointed her, went a letter sent to Lalit Modi by Godfrey Phillips. "This was the reply by the company, which I don’t agree with. All independent directors have never been independent, unfortunately," Modi said.
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