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June 1, 2024

Samir Modi Alleges Assault by Mother Bina Amid Rs 11,000 Crore Family Inheritance Dispute

The ongoing family feud over the Rs 11,000 crore estate of the late KK Modi took a dramatic turn when Samir Modi, Executive Director of Godfrey Phillips, accused his mother, Bina Modi, of orchestrating an assault against him. The accusation, aimed at gaining leverage in the contentious inheritance dispute, was lodged with the Delhi Police, with Samir Modi alleging that his mother and her personal security officer (PSO) caused him “grievous hurt.”

According to The Economic Times, the incident occurred on May 30 during a crucial board meeting. In his complaint filed at Sarita Vihar police station on May 31, Samir Modi stated that he had been invited to a meeting where significant decisions were expected. “The agenda was shared with me, indicating important decisions were to be taken. Court matters are pending regarding the ownership of GPI shares, and the issue is sub judice before the Supreme Court,” Samir Modi explained.

Samir Modi recounted that upon his arrival, his mother’s PSO attempted to block his entry on her instructions. “He attacked me, hitting and twisting my arm with such force that it broke the index finger of my right hand,” Samir Modi detailed in his complaint. Despite his injury, Samir Modi was eventually allowed into the boardroom, where his mother allegedly ignored his condition and insisted he participate in the meeting. He later sought medical attention, resulting in a medicolegal report (MLC) that confirmed the severity of his injury. “My index finger has been broken into two and requires a screw and wire to be put together. I may not regain full function of my index finger,” he stated.

Samir Modi believes the attack was motivated by greed, aiming to coerce him into settling the inheritance dispute on unfavorable terms. “I request immediate legal action. My mother and her associate orchestrated this assault, and the other board members were complicit. Please ensure the strictest action is taken, as these individuals are influential and wealthy and may attempt to derail the process,” he urged in his complaint.

A spokesperson for Godfrey Phillips denied the allegations, describing them as “entirely false and atrocious,” according to CNBCTV. The spokesperson noted that the incident took place outside the boardroom during an audit committee meeting and stated that in-house CCTV footage is available for investigation.

The inheritance dispute involves KK Modi’s vast holdings, including a significant stake in Godfrey Phillips and other family businesses. Since KK Modi’s death in 2019, Samir Modi has challenged his mother’s management of the family’s affairs in the Supreme Court. Despite receiving a buyout offer from his mother, Samir Modi has refused to exit and accused her of not distributing funds as per his father’s trust deed.

The contested inheritance includes nearly 50 percent of Godfrey Phillips, valued at over Rs 5,500 crore, along with shares in various group companies across sectors such as cosmetics, retail, and direct selling. Samir Modi also leads consumer businesses, including Colorbar Cosmetics, 24/7 Retail, and the direct selling platform Modicare.

The escalating feud underscores the complexities and high stakes involved in the distribution of KK Modi’s extensive estate, with the latest allegations adding a new layer of drama to an already intense legal battle.

Read more Business related news on R9 News
Jhumpa Lahiri

Jhumpa Lahiri

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