In Short:
In the ongoing Modi family feud, a Delhi Court told Bina Modi to recommend Samir Modi as a director at Godfrey Phillips India. The court also said that Samir is not automatically entitled to the position and must follow the Companies Act. Additionally, the court ruled that Godfrey Phillips can stop the retail division, 24Seven, if they choose to, overturning a previous order.
Delhi Court’s Decision in Modi Family Dispute
Exciting news alert! In the ongoing Modi family drama, a Delhi Court has made a ruling that is sure to shake things up. Bina Modi, the Chairperson of Godfrey Philips India, has been directed to recommend Samir Modi‘s name as Director of the company to the Nomination and Remuneration Committee. This ruling comes amidst a heated feud between mother and son over the distribution of a whopping inheritance left by the late KK Modi.
A Step Forward for Samir Modi
The Court clarified that Samir Modi is not automatically entitled to the Director position on the company’s board. The appointment must be made in accordance with the provisions of the Companies Act. However, Bina Modi has been instructed to recommend Samir Modi’s name for the position to the Nomination and Remuneration Committee, who will then make a decision based on the mandates of the Companies Act and the trust imposed on them by the company.
Furthermore, if Samir Modi’s name is approved by the Board of Directors and presented for voting at the General Meeting of the Company, Bina Modi is prohibited from taking any action to prevent his appointment as Director.
No Compulsion for Retail Business Division
In another twist, the Court ruled that Godfrey Phillips India cannot be forced to continue its retail business division under the brand 24Seven if it chooses to discontinue operations. This decision overturns a previous order and allows the company the freedom to make strategic business decisions without constraints.
Exciting times lie ahead for the Modi family as they navigate through this legal battle and strive to reach a resolution that benefits all parties involved.
