Disgraced former IPL chairman Lalit Modi steps down from family business following health scare, legally transfers empire to kids

Disgraced former IPL chairman Lalit Modi steps down from family business following health scare, legally transfers empire to kids

Modi Tweeted that he was stepping down as managing director of Modi Enterprises and handing it over to his kids. The Tweet contained attached pictures of the legal transfer.

FPJ Web DeskUpdated: Sunday, January 15, 2023, 02:16 PM IST
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Disgraced former IPL chairman Lalit Modi announced that he would be retiring from his family business and handing the reigns to his kids. The fugitive Indian who is in exile after allegedly defrauding the BCCI during the 2009 IPL franchise bidding process was recently hospitalised and placed on oxygen support after suffering from Covid 19.

Modi Tweeted that he was stepping down as managing director of Modi Enterprises and handing it over to his kids. The Tweet contained attached pictures of the legal transfer.

"In light of what I have gone thru, it’s time to retire and move on. And groom my kids. I am handing them all" Modi wrote in his Tweet.

The trasfer was addressed to his kids Bina Modi, Charu Modi and Samir Modi trustees of the KK Modi Family Trust.

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