Saturday, December 28, 2024

Godfrey Phillips: Mother, son at loggerheads

Saturday, June 1, 2024, 0:00
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MUMBAI/NEW DELHI: Godfrey Phillips executive director Samir Modi has accused his mother of orchestrating an attack on him, worsening the feud among the late KK Modi’s family members over their inheritance.The younger son of KK Modi and Bina Modi lodged a complaint with Delhi Police on Friday, accusing his mother, her personal security officer (PSO) and Godfrey Phillips directors of causing him “grievous hurt”.Bina Modi is also a director of Godfrey Phillips.”The incident happened on Thursday when I was trying to enter the scheduled board meeting of GP at Jasola in Delhi,” Modi told ET. “I was prevented by Bina Modi’s PSO from entering the meeting. When I insisted, he tried to push me and said that I was not allowed to enter the board meeting.”A Godfrey Phillips spokesperson rejected the accusation. “These allegations are entirely false and atrocious,” the person said. “The alleged episode occurred outside the board room when the audit committee meeting was in progress at about 12 noon. This has been captured on in-house CCTV cameras, which can be provided to the relevant investigating authorities.”According to Samir Modi, this happened despite an apparent overture from his mother offering to buy his stake. Following the alleged attack, he resolved not to agree to an exit.”I had never imagined to be assaulted in my own office,” he told ET late on Friday at his New Friends Colony home in the Capital. “While the court case on settlement of shares is pending, I’ll not sell my stake now. The effort is to remove me from the board, which will not happen.”The offer from his mother had come through a mediator and he’d agreed, Modi said.Rs 11,000 cr Inheritance”I had asked (them) to appoint any of the top five auditing firms for valuation and based on that I should get my 25% share,” he told ET. “Two days ago, they had responded with the names of two companies, asking me to select one of them for valuation. On Thursday, when I went for the board meeting, the security officer of my mother stopped me and didn’t let me enter. As I tried, he held my hand and twisted it. Despite the pain, I attended the board meeting and then went to the hospital.”Apart from being a board member of cigarettes and confectionery maker Godfrey Phillips, in which Phillip Morris is a 25% shareholder, Samir Modi also heads consumer businesses such as Colorbar Cosmetics, 24/7 Retail and direct selling platform Modicare. “I suspect that the entire attack was premeditated with the aim to prevent me from entering the meeting of the company (of which) I am a director,” he said.”My index finger has been broken into two and requires a screw and wire to be put together, and I may not regain full function of my index finger,” Modi said in his complaint filed at Sarita Vihar police station that’s been seen by ET. “The screw used to fix the finger will stay with me for a lifetime and my right-hand index finger will never be wholly functional, I am informed by the medical practitioners.”While the complaint has been made, a first information report (FIR) hadn’t been registered as of press time. According to Modi, the board meeting had been convened to discuss key matters. “The agenda had been shared with me that some important decisions were to be taken. Court matters are pending regarding the ownership of the shares of GPI (Godfrey Phillips India) and the matter is sub judice before the Supreme Court,” Modi said in his complaint.The bone of contention among the promoters of Godfrey Phillips is the distribution of a Rs 11,000 crore inheritance after the death of family patriarch KK Modi in 2019. Samir Modi, one of the three children of KK Modi and brother of former Indian Premier League boss Lalit Modi, has challenged his mother over her handling of affairs in the Supreme Court. The inheritance includes the family’s nearly 50% shareholding in listed Godfrey Phillips, worth well over Rs 5,500 crore at current market prices, as well as shares in other Modi group firms in areas such as cosmetics, retail and direct selling.”This attack was orchestrated because of greed and to deprive me of my rights, my inheritance and with the intention to kill me or make me settle on their dictated terms,” Modi said in his complaint. “I request you to take immediate legal action. My mother and Mr Bhasin orchestrated this assault and the other present board members were consenting parties to this assault. Please make sure that the strictest of action is taken. These people are very influential and moneyed and will attempt to derail the process.”The reference is to Lalit Bhasin, an independent director. He couldn’t be reached for comment. “I shouted for help and after much commotion, the door of the board meeting was opened and I was let in. I informed my mother, Mrs Bina Modi, of what transpired and how I was assaulted and grievously injured,” Modi said in the complaint. “Rather than sympathising with me, she paid no heed to my fragile condition and shouted at me to sit down and attend the board meeting. She told the PSO ‘enough for now’, confirming that she was one of the persons who had given the PSO instructions to attack and injure me.”Samir Modi has accused his mother of not distributing funds as stipulated in a trust deed executed by his father, according to sources familiar with arguments made by his lawyers at the Supreme Court.

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