Modi family inheritance dispute: Samir Modi wishes to keep ownership of flagship company Godfrey Philips

Sameer Modi has been battling his mother over the Rs. 11000 crore legacy of his father KK Modi. The terms of the inheritance are cast in stone in a family trust deed and there can be no dispute about it said, Modi. He has also said that he wishes that the group’s flagship enterprise Godrey Phillips stays within the family, offering a possible way out of the current situation.

In an interview with ET, Modi said that whoever wished to control the company can buy out the other family members. Doing this would ensure that the business would stay within the family. Modi expressed that his wants to maintain his father’s legacy and build it into something better.

Bina Modi, the current CEO of Godfrey Phillips, is at the center of the dispute, with Samir alleging that she has taken control of the company in violation of the trust deed's provisions.

According to Samir Modi's legal representatives, the family settlement outlined in the trust contract provides equal benefits and succession rights to the family members Samir Modi, Lalit Modi, and Charu Modi. Simran Singh, founder of Sakura Advisory, stated, "Bina Modi's position is protected during her lifetime. Her role has been limited to facilitating such a settlement.

Initially, following KK Modi's death in 2019, Samir and Charu Modi supported their mother's decision to maintain the family trust during a meeting in Dubai. The only objector was Lalit Modi, who advocated for the trust's dissolution and immediate distribution of the inheritance, even proposing the sale of Godfrey Phillips.

According to sources, the trust deed proposed that KK Modi's wife and three children share the inheritance equally. If the wife dies, her share will be divided equally among the three children, ensuring that Charu, Lalit, and Samir each receive one-third of the family inheritance. The deed also provided the option of dissolving the trust and distributing the wealth accordingly.

Despite initial disagreements, the situation escalated when Samir Modi agreed with Lalit Modi's demand for immediate adherence to the distribution plan. Lalit Modi had previously taken legal action, approaching Indian courts and an arbitration tribunal in Singapore after his mother and siblings failed to agree with his request.

The family - mother Bina and three children are locked in a Supreme Court battle over the issue. Lalit and Samir, two of the children are against their mother and want the inheritance given out as per the trust deed. Lalit Modi is the former founder and first chairman of the Indian Premier League. He and his sister Charu Modi live overseas.