Samir Modi, the executive director of Godfrey Phillips, has reportedly alleged that his mother, Bina Modi, is conspiring to harm him, intensifying the family dispute over KK Modi’s Rs 11,000-crore inheritance.
According to a report by The Economic Times, Samir Modi complained to the Delhi Police, alleging that his mother’s security officer (PSO) and certain directors of Godfrey Phillips inflicted “grievous hurt” on him when he attempted to enter a scheduled board meeting on Thursday.
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“I was prevented by Bina Modi’s PSO from entering the meeting. When I insisted, he tried to push me and said that I was not allowed to enter the board meeting,” Moneycontrol quoted Samir Modi as saying.
He stated that despite being assaulted and suffering a broken index finger, he attended the meeting and sought medical attention afterward.
A spokesperson for Godfrey Phillips dismissed the allegations as “entirely false and atrocious,” noting that the incident was captured on the company’s in-house CCTV cameras.
Reportedly, Samir Modi suspects the attack was premeditated to prevent his participation in the meeting and to coerce him into selling his stake. Although his mother had previously offered to buy his stake, he now refuses to agree to an exit.
The inheritance dispute involves significant shareholdings in Godfrey Phillips and other Modi group companies.
Additionally, Samir has accused his mother of failing to distribute funds as outlined in a trust deed executed by his father. The legal battle over the inheritance is currently pending in the Supreme Court.
Godfrey Phillips India Q4 Results
In the fourth quarter of FY 2024, the company reported a 46.25 percent increase in its consolidated net profit, reaching Rs 215.12 crore, compared to Rs 147.09 crore in the same quarter last year. Revenue for the period also rose by 21 percent to Rs 965 crore, up from Rs 796.1 crore in the corresponding period last year.
Following the release of the Q4 results, the owner of the convenience store 24Seven announced a dividend of Rs 56 per share to shareholders, marking the highest dividend issued by the company to date.
