Samir Modi has been removed from the board of Godfrey Phillips India following a board meeting on 7 August, where fellow directors did not support his reappointment, according to some media reports.
The decision to oust Modi comes in the wake of a legal ruling in July by a Delhi court, which determined that he is not entitled to remain on the board indefinitely without undergoing the formal reappointment process as required by law. This ruling overturned an interim protection granted to Modi in June that temporarily prevented his removal from the board.
The media reports mention that the court emphasised that the nomination and remuneration committee of Godfrey Phillips must follow the procedures outlined in the Companies Act when considering Modi’s reappointment. Additionally, the court allowed Godfrey Phillips to proceed with its planned exit from the retail business under the 24Seven brand.
Reports say that In response to his ouster, Samir Modi has accused his mother, Bina Modi, and other board members 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 30 May.
Following Samir Modi's removal, Godfrey Phillips has appointed Charu Modi to the company's board, as per these reports. Charu Modi, along with Samir and Lalit Modi, are the children of the late KK Modi. Bina Modi, who currently serves as the chairperson and managing director of Godfrey Phillips, also heads the family trust responsible for overseeing the distribution of the family's wealth.
The situation is further complicated by an ongoing legal battle between Samir Modi, his brother Lalit Modi, the former IPL chief, and their mother over the distribution of the family inheritance. The brothers contend that Bina Modi is not adhering to the trust deed established by their late father.
