{"id":128197,"date":"2024-09-05T11:44:34","date_gmt":"2024-09-05T11:44:34","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/09\/05\/no-restrictions-on-godfrey-philips-agm-as-delhi-hc-denies-ruchir-modis-plea-to-block-grandmother-bina-modi-from-voting\/"},"modified":"2024-09-05T11:44:34","modified_gmt":"2024-09-05T11:44:34","slug":"no-restrictions-on-godfrey-philips-agm-as-delhi-hc-denies-ruchir-modis-plea-to-block-grandmother-bina-modi-from-voting","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/09\/05\/no-restrictions-on-godfrey-philips-agm-as-delhi-hc-denies-ruchir-modis-plea-to-block-grandmother-bina-modi-from-voting\/","title":{"rendered":"No restrictions on Godfrey Philips AGM as Delhi HC denies Ruchir Modi’s plea to block grandmother Bina Modi from voting"},"content":{"rendered":"
\"No<\/div>\n
The Delhi High Court<\/a> on Thursday rejected the Ruchir Modi<\/a>\u2019s plea seeking to restrain his grandmother Bina Modi<\/a> from voting at the 87th AGM of Godfrey Philips<\/a> scheduled for September 6 at 2.30 pm. <\/p>\n

However, Justice Naveen Chawla said that Bina must file an affidavit on half-yearly basis the amount of renumeration and other benefits she received from the company as the MD.<\/p>\n

The judge also said in case the direction is passed that at any stage of the suit that her appointment as MD in the company was not right, she shall tender her resignation immediately and would not claim any equity. This shall also be informed in the AGM which is scheduled to be held tomorrow, according to the HC.<\/p>\n

Ruchir Modi, who is the son of former IPL chairman Lalit Modi, had alleged that Bina was trying to vote for herself on behalf of the KK Modi Trust for becoming the MD for the next 5 years. He said that this was not only contrary to the trust deed but also a clear conflict of interest, which is illegal and not permissible.<\/p>\n

Samir Modi and Lalit Modi have also questioned the use of shareholder voting rights of their mother, Bina Modi. <\/p>\n

The matriarch is locked in a bitter tussle over distribution of the family inheritance with her two sons and grandchildren.Since she will cross 80 years at the time of seeking reappointment, regulations require such appointments to be ratified through a special resolution in which 75% of shareholders have to vote in favour.Samir and Lalit Modi believe their mother’s control over the family trust that owns shares of KKMIFS besides indirectly owning shares of Godfrey Phillips mean she could vote in favour of resolutions proposing her reappointment at the company’s upcoming annual general meeting. <\/p>\n

The Modi family trust lays out an equal distribution of inheritance among the successors of late entrepreneur KK Modi after his death.<\/p>\n

As per the trust, after KK Modi, his wife Bina and three children \u2013 Samir, Lalit and Charu, will inherit his wealth equally. Further, it envisions that after his wife\u2019s demise, her portion of the inheritance will be equally distributed between the children. The inheritance includes shares in over 50 companies that cover the family\u2019s business interests in cigarettes, 24\/7 retail, direct selling and industrial chemicals.<\/p>\n

The simmering dispute over KK Modi\u2019s family inheritance stems from the family trust deed executed in 2014. This deed which envisioned circumstances after the demise of KK Modi proposed to the family members two options. If they agreed to continue the trust, then Bina Modi would continue to run the affairs of the trust till further decisions are made by mutual consent of family members. If any family member were to dissent to the continuation of the trust post the demise of KK Modi, then the family\u2019s assets would be sold.<\/p>\n

At a family meeting in Dubai on 30 November 2019, Lalit Modi opposed continuation of the trust and demanded dissolution and sale of the family\u2019s assets. He subsequently filed court cases in India and initiated arbitration in Singapore. Samir Modi too has subsequently demanded that the trust be dissolved and split four ways.
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Delhi High Court on Thursday rejected the Ruchir Modi\u2019s plea seeking to restrain his grandmother Bina Modi from voting at the 87th AGM of Godfrey Philips scheduled for September 6 at 2.30 pm. However, Justice Naveen Chawla said that Bina must file an affidavit on half-yearly basis the amount of renumeration and other benefits […]<\/p>\n","protected":false},"author":2,"featured_media":128198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-113095920,imgsize-31484.cms","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[29823,66992,66987,103547,13772,2921,2446,1454,29995,71118,103542,103544,103543,24747,1686,3135,28880,5851,20942,103548,66985,103546,103545,2866],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/128197"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=128197"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/128197\/revisions"}],"predecessor-version":[{"id":128199,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/128197\/revisions\/128199"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/128198"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=128197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=128197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=128197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}