Modi Family Dispute Intensifies: Samir Modi Removed from Board, Beena Modi Appointed Managing Director

The ongoing feud within the Modi family has taken a new turn with a recent decision by shareholders of Godfrey Phillips India Ltd. During the company's annual general meeting (AGM), shareholders approved the removal of Executive Director Samir Modi from the board. The decision marks another significant development in the family’s internal conflict.

In a recent disclosure to the stock exchange, the company announced that Samir Modi would not be replaced on the board following his departure. Instead, his mother, Beena Modi, has been reappointed as Managing Director (MD), and his sister, Charu Modi, has been named Executive Director. These changes indicate escalating tensions within the Modi family, as their corporate and personal disputes continue to unfold.

Ahead of the AGM, Beena Modi received relief from the Delhi High Court, which permitted her to cast votes on behalf of the KK Modi family trust. The court also rejected a petition from Samir and Ruchir Modi seeking to prevent Beena Modi from voting at the AGM.

The trust holds approximately 47.5 percent of the company’s shares, while global giant Philip Morris International holds just over 25 percent. Despite this, the appointment of the MD remains under the purview of the Modi promoter block.

The recent AGM saw a proposal from the opposing faction led by Beena Modi to remove Samir Modi from his position under her leadership, which was subsequently approved by the promoters. This move has intensified the internal family feud.

On the trading front, shares of Godfrey Phillips India Ltd. surged sharply on Friday, hitting an all-time high. The stock rose by 14.5 percent to reach a record level of ₹7,320. This increase followed the company’s announcement that it would consider a bonus issue of shares in a 2:1 ratio during its meeting on September 20. Additionally, the company declared a dividend of ₹56 per equity share.

The family dispute, involving an estimated ₹11,000 crore in assets following the death of KK Modi, has been marked by increasing tension. Samir Modi and Lalit Modi represent one faction, while Beena Modi and Charu Modi represent the opposing side. Samir Modi has accused his mother of orchestrating attacks against him and alleged schemes to exclude him from the board. The dispute over the distribution of KK Modi’s companies and other assets remains unresolved and is currently pending in court.