{"id":73052,"date":"2024-06-14T14:39:19","date_gmt":"2024-06-14T14:39:19","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/14\/delhi-hc-seeks-response-from-bina-modi-other-family-branches\/"},"modified":"2024-06-14T14:39:19","modified_gmt":"2024-06-14T14:39:19","slug":"delhi-hc-seeks-response-from-bina-modi-other-family-branches","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/14\/delhi-hc-seeks-response-from-bina-modi-other-family-branches\/","title":{"rendered":"Delhi HC seeks response from Bina Modi, other family branches"},"content":{"rendered":"
\"Delhi<\/div>\n
The Delhi High Court<\/a> on Friday sought a response from Bina Modi<\/a> and others on a petition moved by her grandson Ruchir Modi<\/a>, son of former IPL chairman Lalit Modi<\/a>, seeking to remove her grandmother from the office of the Managing Trustee<\/a> of the K.K. Modi Family Trust and also appoint an administrator to sell the Trust assets and distribute the net proceeds amongst the four family branches<\/a>.<\/p>\n

A Division Bench led by Justice Neena Bansal Krishna also issued notice to Bina\u2019s children – Charu, Samir and Lalit Modi, besides various companies -Rajputana Developers, Kaushambi Industries, KK Modi Investment & Financial Services, Modicare Ltd and Premium Tradelink.<\/p>\n

Ruchir alleged that Bina had been acting in breach of the April 2014 Restated Trust Deed and an order should be passed to remove her from the office of the Managing Trustee of the K.K. Modi Family Trust.<\/p>\n

Lalit Modi, who has been involved in a family property dispute<\/a> with his mother Bina Modi and sister Charu, had on January 15 announced his son Ruchir as his successor beneficiary from his family\u2019s side in the KK Modi Family Trust<\/a> and also the head of his branch of the family.<\/p>\n

While asking the HC to pass a status quo on the assets of the Trust, senior counsel Harish Salve<\/a>, appearing for Ruchir, argued that Bina had started selling the assets as the managing trustees and was not allowing the board of trustees to take any decision. \u201cShe can not continue indefinitely as the managing trustee\u2026 She is having a free run,\u201d he said.<\/p>\n

However, senior counsel Mukul Rohatgi<\/a>, appearing for Bina, opposed the petition, contending Ruchir \u201chimself had filed an impleadment application before the Supreme Court and he has to withdraw that and then only he can file the suit in the HC. He being the head of his own father\u2019s branch can not ask for the same relief as Lalit (removal of Bina as the managing trustee).\u201d Therefore, the petition is not maintainable, he said.Counsel Anuradha Dutt, appearing for Lalit, told the HC that the former IPL chairman had filed the petition as the trustee and Ruchir has moved the petition as a beneficiary of the Trust and, therefore, the latter\u2019s plea is maintainable.Attention was also drawn to the unpleasant incident of June 5 where Lalit’s brother Samir was allegedly injured. While counsel Manali Singhal argued that Bina was not letting family members to participate in the meetings and Samir was manhandled and had to undergo a surgery, the counsel on the other side refuted claim as \u201ctotally false.\u201d <\/p>\n

Stating that Bina had kept him in the \u201cdark\u201d about the affairs of Trust and was \u201cillegally\u201d acting as its Managing Trustee to his detriment, Ruchir being the beneficiary of the Trust alleged that Bina\u2019s whole intention was to exclude the other trustees and beneficiaries from affairs of the Trust and its downstream companies. \u201cIt is verily believed that the actions of Defendant No 1 are part of a plan to dissipate the assets of the Trust and the Trust Companies (contrary to the Trust Deed), intended to cause irreparable harm\u201d to Ruchir, the petition filed by counsel Anuradha Dutt stated.<\/p>\n

He further said that Bina and Charu were “acting in a partisan manner\u201d and his grandmother was in breach of the Trust Deed and was usurping the management and control of assets and properties of the Trust. \u201cThe Defendant No 1 (Bina) is trying to appoint her nominee (Jayni Gada) as a director in International Research Park Lab Ltd, another Trust company,\u201d the petition said, adding Bina has also incorporated Bimox Fashions LLP In April in which she had made herself and Gada as Managing Partners. He believed that the shares of Bimox were part of the Trust assets, Dutt said.<\/p>\n

In August 2022, the Supreme Court had appointed former apex court judge Justice R.V. Raveendran as a mediator to settle the family property dispute.<\/p>\n

While Lalit had in February 2021 initiated arbitration proceedings before the International Court of Arbitration of the ICC, which had determined Singapore as the place of arbitration, the mother and the two siblings – Charu and Samir – are opposing it on the grounds that Trust matters cannot be settled through arbitration in a foreign country as per Indian laws. The SC had in 2021 refused to vacate the stay on the arbitration proceedings initiated by Lalit.<\/p>\n<\/div>\n


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The Delhi High Court on Friday sought a response from Bina Modi and others on a petition moved by her grandson Ruchir Modi, son of former IPL chairman Lalit Modi, seeking to remove her grandmother from the office of the Managing Trustee of the K.K. Modi Family Trust and also appoint an administrator to sell […]<\/p>\n","protected":false},"author":2,"featured_media":73053,"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-111002752,imgsize-33502.cms","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[66992,66987,24588,2921,2446,17,66989,66991,66986,55900,1686,26815,66990,8283,66985,5113,66988],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/73052"}],"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=73052"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/73052\/revisions"}],"predecessor-version":[{"id":73054,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/73052\/revisions\/73054"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/73053"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=73052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=73052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=73052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}