Lalit Modi appoints son Ruchir as his successor, stating, “It is time to quit and move on.”

Lalit Modi, the former chairman of the Indian Premier League and a member of the KK Modi Family Trust, appointed his son Ruchir Modi as his replacement beneficiary on Sunday, effective immediately.

In a Twitter post, Modi, who has been engaged in a legal battle with his mother Bina Modi and sister Charu over a family property dispute, also introduced his son as the head of his family branch by releasing a letter.

In it, he stated, “The current dispute with my mother and sister is tedious, taxing, and has dragged on for a long time, and despite the fact that there have been multiple rounds of settlement discussions, there is no end in sight.” It has caused me great distress and continues to do so.

Modi, who had previously addressed his health situation owing to Covid-19 infection and pneumonia, requiring external oxygen assistance in London after being evacuated from Mexico City, stated that he and daughter Aliya had discussed naming his son as his successor.

“I have discussed this with my daughter, and she and I agree that I should transfer to my son Ruchir Modi the control of the LKM (Lalit Kumar Modi) family’s business and its beneficial interest in the trust,” the statement added.

Citing a clause in the KK Modi Family Trust (KKMFT) deed, he said, “I hereby nominate my son Ruchir Modi, a beneficiary of the KKMFT under LKM Branch, as my successor as the next head of the LKM Branch of KKMFT, and this shall vest in him immediately.” In his resignation as head of branch (LKM) and beneficiary of KK Modi Family Trust, he stated that, after consulting with his son and daughter, he is relinquishing his present and future beneficial interests in favour of his son Ruchir.

After that, Modi said that he would no longer have any stake in the assets, possessions, or profits of the KKMFT, either now or in the future.

He added, however, that “this does not impact my standing as a Trustee of the KKMFT, nor my rights as a member of the KKM family, and any claim for family costs under paragraph 6.1.5 of the KKMFT shall remain untouched by my gifting my beneficial interest to my son.” In the social media post, Modi stated, “Considering everything I’ve been through, it’s time for me to resign and go on. And groom my kids. I am in charge of them all.”

Modi left India for London in 2010 after being accused of tax fraud, laundering money, and swaying broadcasting deals. He is still wanted in India.


Related Posts

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button