Samir Modi, Executive Director of Godfrey Phillips India, got relief from a Delhi Court in the ongoing tussle with his mother Bina Modi, who is the chairperson and managing director of the KK Modi Group, CNBC TV18 confirmed. The Delhi Court, on June 27, granted protection to Samir Moid against removal from the company board.
The Court has directed the two parties to maintain the ‘status quo’ till the next hearing and has also restricted the discontinuation of brand 24Seven. It said that the removal from the board and the closure of the retail chain can prima facie cause ‘irreparable harm’ to Samir Modi. The case is slated to be next heard on August 2.
Earlier this month, Samir Modi had sought protection from Delhi Police. Samir Modi had accused his mother of planning an attack on him and has alleged that he is facing more threats from his mother. “I am feeling very threatened as these people have assaulted me without any provocation and may again harm me physically or get me killed through their goons,” he said in a letter as reported by Economic Times.
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He said, “Despite the registration of criminal case, they are still threatening me by sending messages through common known persons. I have also come to know that they are planning to not allow me to enter my office in Jasola. They may again assault me if I do not accept their illegal demands.”
He had lodged a complaint with Delhi Police, accusing his mother, her personal security officer and Godfrey Phillips directors of causing him “grievous hurt”.
The mother and the son are locked in a family feud over distribution of late KK Modi’s Rs 11,000 crore inheritance after his death in 2019. Samir Modi has challenged his mother over her handling of affairs in the Supreme Court as he reportedly accused her of not distributing funds as stipulated in a trust deed executed by his father.
Godfrey Phillips India is the flagship company of Modi Enterprises. It manufactures popular cigarette brands including Four Square, Red and White, Cavanders, Tipper and North Pole. It also manufactures and distributes cigarette brand Marlboro under a license agreement with Philip Morris.
In May, Godfrey Phillips India Limited had reported its fiscal fourth quarter earnings with profit at Rs 214.16 crore, up 45.6 per cent in comparison to Rs 147.10 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 1197.13 crore, up 22.9 per cent as against Rs 974.40 crore during the same period last year. Godfrey Phillips’ cigarettes, tobacco and related products business recorded Q4 revenue of Rs 1073.56 crore, and it posted revenue of Rs 101.42 crore from retail and related products business.
From: financialexpress
Financial News
