Samir Modi Ousted, Bina Modi Retains Control
The annual general meeting (AGM) of Godfrey Phillips India Ltd, held on September 5, 2023, saw significant changes in the company's leadership.
Shareholders voted to remove Samir Modi from the board, a move proposed by his mother and company chairperson, Bina Modi. This decision followed concerns raised about Samir Modi's conduct during board meetings and other activities.
Meanwhile, Bina Modi was reappointed as Managing Director, solidifying her control over the company. Additionally, her daughter, Charu Modi, was appointed as an Executive Director.
The AGM also witnessed the approval of a 2:1 bonus share issue, offering existing shareholders two additional shares for every one they hold. This decision came after the company's board meeting on September 20, 2023.
Furthermore, shareholders approved a dividend declaration of Rs 56 per share for the financial year ending March 31, 2024.
These developments mark a significant shift in power within Godfrey Phillips, with Bina Modi consolidating her position as the company's leader.