The ongoing leadership dispute at tobacco manufacturer Godfrey Phillips India is refusing to die down. In this family feud in the corporate world, mother and son have come face to face. Now in this matter, Lalit Modi has also opened a front against his mother Bina Modi and has appealed to shareholders to vote against her.
Lalit Modi appeals to vote against his mother
IPL founder and Modi Enterprises president Lalit Modi shared an update on the social media platform X. He told the shareholders that by voting against Bina Modi and her associates, they (shareholders) will benefit by crores every year. This update from Lalit Modi has come at a time when the shareholders’ meeting of Godfrey Phillips is going to be held a day later.
In this way the family dispute increased
The Modi family has a 47 percent stake in Godfrey Phillips. Lalit Modi’s mother Bina Modi is currently the chairperson and MD of the company. The dispute in the company started when Lalit Modi’s brother Sameer Modi was removed from the board. Actually, the board of Godfrey Phillips headed by Bina Modi wants to sell the retail business and 24 Seven, which Sameer Modi opposed.
Despite opposition from Sameer Modi, the board has decided to close the 24Seven business and sell it. Regarding this, Sameer Modi says that the decision to close 24Seven is actually a betrayal of the shareholders. If reports are to be believed, Godfrey Phillips has also decided to sell the retail business New Shop.
Shareholders will benefit this much- Lalit Modi
Lalit Modi is seen supporting his brother in this entire controversy. In a recent post, he appeals to the shareholders saying that Godfrey Phillips India has about Rs 5000 crore lying on its balance sheet, which should be given to the shareholders in the form of dividend. If the shareholders vote to oust Bina Modi and his associates, they can get a dividend of Rs 150 crore every year.
#gpill #godfreyphillipsindialimited There is about Rs 5,000 crore lying on the balance sheet, which should be given as dividend, as well as if the shareholders #binamodi And if they vote against their peers, shareholders could be given a dividend of over Rs 150 crore per year – so… pic.twitter.com/gIrslYPmIz
— Lalit Kumar Modi (@LalitKModi) September 5, 2024
This American company has 25 percent shares
Before the shareholders meeting to be held tomorrow, analysts are speculating that the decision may come in favour of removing Bina Modi. After the Modi family, the US company Philip Morris Inc. holds the highest number of shares in Godfrey Phillips, 25 percent. The US advisory company Glass Lewis has also appealed to the shareholders of the company to vote against the proposal to make Bina Modi the chairperson and MD in the Annual General Meeting.
Also read: Lalit Modi’s mother Bina Modi’s troubles increase, this American advisory company starts campaign to remove her from the board
