Lalit Modi Names His Son Ruchir As Successor Beneficiary In KK Modi Family Trust
Lalit Modi, the former IPL Chairman, named his son Ruchir Modi as his successor beneficiary from his family's side in the KK Modi Family Trust on Sunday, effective immediately.
Modi named his son as the head of his branch of the family in a social media post. Modi has been fighting his mother Bina Modi and sister Charu in court over a property issue.
"The present litigation with my mother and sister, is tedious, strenuous and has gone on for long, and even though there have been several rounds of discussions for settlement, there is no end in sight. It has caused and continues to cause me immense distress," he said in a statement shared on Instagram.
After previously disclosing that he had pneumonia and the COVID-19 virus and had been airlifted from Mexico City to London in need of external oxygen support, Modi stated he had discussed the appointment of his son as his successor with daughter Aliya.
The statement said, "My daughter and I have discussed about this and we both agree that I should give my son Ruchir Modi control of the LKM (Lalit Kumar Modi) family's business and its beneficial interest in the Trust.
He stated, "I therefore propose my son Ruchir Modi, a beneficiary of the KKMFT under LKM Branch, to be my successor as the next head of the LKM Branch of KKMFT and this shall vest in him immediately," citing a provision in the KK Modi Family Trust (KKMFT) deed.
After speaking with his son and daughter, he stated that he is giving up his beneficial interest, both currently vested and any that may vest in the future, in favour of his son Ruchir as part of his resignation as head of branch (LKM) and beneficiary of the KK Modi Family Trust.
Modi then declared that he will give up all rights to the KKMFT's assets, properties, and income, both now and in the future.
His statement that "this does not affect my status as a Trustee of the KKMFT, nor would it affect my rights as a member of the KKM family, and any claim made for the family expenses under clause 6.1.5 of the KKMFT shall remain unaffected by my gifting my beneficial interest in favour of my son," was made in order to make clear that it would not affect his rights as a family member.
