“I cannot understand the vendetta,” said Samir Modi, Executive director of Godfrey Phillips India, in an interaction with FinancialExpress.com, as the ongoing boardroom battle between him and his mother, Bina Modi continues at tobacco major Godfrey Phillips India (GPIL).
He said that he has done everything in his power to make amends in the relationship with his mother. “What are we fighting about? I’ve not left any stone unturned, from waiting on the doorsteps of her office to waiting outside the house. I have not left any stone unturned,” Samir Modi said. He chuckled, “I had little doubt that I am adopted. I even got that checked and I’m not. I have a DNA report to prove that she is my biological mother. It baffles me.”
Samir Modi and his brother Lalit Modi are engaged in a tussle for power with their mother Bina Modi over inheritance that could be worth anywhere between Rs 11,000 -30,000 crore, according to sources.
Earlier in June, Samir Modi had accused his mother of orchestrating an attack on him, which worsened the feud in the family over the inheritance of his late father KK Modi.
Meanwhile, he also raised concerns over his mother Bina Modi’s leadership at Godfrey Phillips India while maintaining that unlike him, she has no experience in the tobacco industry. He further said, “I wish my mother lived for 100 more years, but they say as age progresses, the ability to make decisions decreases. She’s 80 years old, and I am turning 55 and still have 25 years ahead of me.”
“For 35 years, I have built and contributed to the company, trained under my father, trained with Philip Morris,” he said while stressing on his extensive business experience in the tobacco industry and stating that he was removed overnight.
Talking about another pain-point, which is the shutting down of the business of 24Seven retail format by the group, Samir Modi said that while Rs 700 crore was spent in the brand, it was now time to recover that, but on the contrary, the board decided to withdraw that money and sell the brand, taking a liquidation hit of Rs 100 crore on the balance sheet. Samir Modi said, “My father wanted an alternate business, just like ITC has alternate businesses for tobacco.”
As the company is closing in on the date for its Annual General Meeting (AGM), scheduled for September 6, Samir Modi hopes that shareholders will vote with the future of the company in mind. “I will go with the decisions of the shareholders, but I will definitely oppose the dictatorship,” he said.
From: financialexpress
Financial News
