Entangled in a bitter dispute over the late KK Modi's multi-billion-dollar inheritance, the Modi family, faced another shocking twist as Godfrey Phillips executive director Samir Modi, accused his mother, Bina Modi, of orchestrating to attack on him.
According to a complaint lodged by Samir Modi with the Delhi Police, the incident happened when he attempted to attend a scheduled board meeting of Godfrey Phillips, a company in which he holds a significant stake. He claimed that his mother's personal security officer (PSO) and some Godfrey Phillips employees prevented his entry, resulting in a confrontation where he was allegedly physically harmed. Modi sustained a broken finger during the altercation, as per his complaint. The development of the details were reported by The Economic Times.
Family Rift
The reported attack highlights about the deepening chasm within the Modi family concerning the distribution of the late KK Modi's estate, estimated to be worth around Rs 11,000 crores.
Samir Modi, along with his siblings, has contested his mother's management of the family's assets in the Supreme Court, alleging discrepancies in handling the inheritance, including the distribution of funds outlined in a trust deed.
Premeditated Move or Corporate Discord?
Samir Modi suspects foul play, asserting that the attack was premeditated to hinder his participation in the board meeting and coerce him into relinquishing his stake in Godfrey Phillips, added the Economic Times report.
Despite previous offers from his mother to buy his shares, he now adamantly refuses to exit the company, intensifying the ongoing family feud, added the report.
Samir Modi's businesses
Samir Modi, who oversees various consumer businesses like Colorbar Cosmetics, 24/7 Retail, and Modicare, is also a board member of Godfrey Phillips, a company where Phillip Morris holds a 25 per cent stake.
Samir, one of KK Modi's children and the brother of Lalit Modi, former head of the Indian Premier League, has taken legal action against his mother's management of the estate in the Supreme Court. This inheritance includes a 50 per cent share in Godfrey Phillips, valued at more than Rs 5,500 crore in today's market, along with shares in other Modi group companies spanning cosmetics, retail, and direct selling, the Economic Times reported.
