Samir Modi, the executive director of Godfrey Phillips, has claimed that his mother, Bina Modi, is plotting against him, escalating the family feud over KK Modi’s Rs 11,000-crore inheritance. According to The Economic Times, Samir Modi reported to the Delhi Police alleging that his mother’s security officer (PSO) and certain Godfrey Phillips directors caused him “grievous hurt” when he tried to attend a scheduled board meeting on Thursday.
“I was blocked by Bina Modi’s PSO from entering the meeting. When I insisted, he tried to push me and said that I was not allowed,” Moneycontrol quoted Samir Modi as saying. Despite being assaulted and suffering a broken index finger, he attended the meeting and sought medical help afterwards.
A spokesperson for Godfrey Phillips dismissed the accusations as “entirely false and atrocious,” noting that the incident was recorded on the company’s CCTV cameras. Samir Modi suspects the attack was planned to prevent his participation in the meeting and coerce him into selling his stake. Although his mother had previously offered to buy his stake, he now refuses to exit.
The inheritance dispute involves substantial holdings in Godfrey Phillips and other Modi group companies. Samir also accuses his mother of not distributing funds as outlined in a trust deed executed by his father. The legal battle over the inheritance is currently before the Supreme Court.
In the fourth quarter of FY 2024, Godfrey Phillips reported a 46.25 percent rise 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 increased by 21 percent to Rs 965 crore from Rs 796.1 crore in the corresponding period last year.
Following the release of the Q4 results, the owner of convenience store 24Seven announced a dividend of Rs 56 per share to shareholders, marking the highest dividend issued by the company to date.
