Samir Modi Ousted from Godfrey Phillips Board
Samir Modi was removed from the board of Godfrey Phillips India during a meeting on August 7th. This decision came after fellow directors did not support his reappointment, as reported by the Economic Times.
The development has not been independently verified by Business Today.
This decision follows a legal battle surrounding Modi's role as a director. In July, a Delhi court ruled that Modi was not entitled to remain on the board perpetually without following the proper reappointment process outlined by law. This overturned an earlier interim protection granted to him in June, which temporarily prevented his removal.
The court instructed the nomination and remuneration committee of Godfrey Phillips to adhere to the procedures outlined in the Companies Act when considering Modi's reappointment. Additionally, the court granted Godfrey Phillips the autonomy to proceed with its planned exit from the retail business under the 24Seven brand.
Modi has accused his mother, Bina, and other directors of conspiring to remove him from the board. He also alleged that he was physically assaulted by his mother's personal security officer during a board meeting on May 30th.
Following Modi's removal, Charu Modi has been appointed to the board in his place, according to the ET report. Charu, Samir, and Lalit Modi are children of the late KK Modi. Bina Modi, currently the chairperson and managing director of Godfrey Phillips, heads the family trust that oversees the distribution of the family wealth.
Samir and his brother Lalit Modi, the former IPL chief, are engaged in a bitter dispute with their mother over the distribution of the family inheritance. They claim that Bina is not adhering to the trust deed laid down by their late father.