It’s the victory for Bina Modi in the ongoing boardroom battle with her sonSamir Modi, at tobacco major Godfrey Phillips India (GPIL). As the 87th Annual General Meeting (AGM) concluded on 6 September, the shareholders reinstated Bina Modi as the managing director of the company with 86.6 per cent votes. In a regulatory filing after the meeting, Godfrey Phillips announced that Bina Modi has been reappointed as the managing director of the company, for a period of 5 years with effect from 14 November 2024, on the terms and conditions including remuneration as appended to the Notice of AGM.
Shareholders also approved the ouster of Samir Modi from Godfrey Philip board. The vacancy, the company said, caused by retirement by rotation of Samir Kumaar Modi will not be filled up for the time being.
“We would like to inform that Mr. Samir Kumaar Modi has retired by rotation w.e.f. conclusion of the 87th Annual General Meeting (the AGM) of the company held today i.e. 6th September 2024. Consequently, Mr. Samir Kumaar Modi has also ceased to be an Executive Director of the company with effect from the said date and time,” the company said in a regulatory filing.
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Additionally, Bina Modi’s daughter Charu Modi is appointed as the executive director of the company for a period of 5 years with effect from 7th September 2024.
Dr Bina Modi was appointed the chairperson of Modi Enterprises – KK Modi Group, in 2019. She is the chairperson and managing director of both the flagship companies namely Godfrey Phillips India Ltd (GPI) and Indofil Industries Ltd. The other business interests include Ego restaurants, Dessange salon and Bina Fashions.
Charu Modi is a distinguished entrepreneur from India and a principal promoter of KK Modi Group. She is the co-founder and chancellor of KK Modi University. Charu Modi’s academic journey includes studying at Lady Shri Ram College in New Delhi and earning an MBA from Thunderbird School of Global Management, USA. She is also an alumna of Harvard Business School, having completed the President’s Program in Leadership.
Samir Modi had high hopes from the shareholders of the company. He had, earlier in an interaction, said that he had trust in the shareholders that they would vote for the ‘right reasons’. While referring his mother to Hitler and calling the board and even the NRC as ‘defunct’, Samir Modi had said that “anybody who raises a question about the company’s growth or shareholders’ interests” is ousted with immediate effect. “For 35 years, I have built and contributed to the company, trained under my father, trained with Philip Morris,” he had stated while stressing on his extensive business experience in the tobacco industry.
Meanwhile, Godfrey Phillips also announced that the board of directors will meet on September 20 to consider and approve a bonus issue of shares in the ratio of 2:1. If approved, it said in an exchange filing, investors will get 2 additional shares for every share they hold in the company.
From: financialexpress
Financial News
