In Short:
At Godfrey Phillips India’s Annual General Meeting, nearly 87% of shareholders voted to reappoint Bina Modi as Managing Director, despite ongoing family inheritance disputes. Charu Modi was also approved as Executive Director. Samir Modi was ousted from the board with 99.3% support. The board will discuss bonus shares in a meeting on September 20, 2024. Bina Modi defended closing the 24Seven retail business to focus on core operations.
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<h1>Major Shareholder Decisions at Godfrey Phillips India</h1>
<p>Exciting times ahead for <strong>Godfrey Phillips India (GPIL)</strong>! During their Annual General Meeting held on Friday, an overwhelming majority of shareholders voiced their support for the reappointment of <strong>Bina Modi</strong> as the Managing Director of the Company. A remarkable <strong>87 percent</strong> of votes cast applauded her continuation in this critical role, alongside agreeing to remunerate her for her services. This decision arrives amidst a dramatic backdrop, as the <strong>KK Modi family</strong> grapples with a contentious battle over a staggering inheritance amount exceeding ₹11,000 crore.</p>
<h2>Bidding Farewell to Samir Modi</h2>
<p>In a pivotal turn of events, the proposal not to fill the vacancy left by <strong>Samir Modi</strong>'s retirement also gained substantial backing, with an astounding <strong>99.3 percent</strong> of voting shareholders giving their thumbs up. This marks a significant moment as Samir Modi has now been officially ousted from the GPIL board, a notable outcome in this ongoing family saga.</p>
<h2>Looking Ahead to Bonus Shares</h2>
<p>In a promising development, the GPIL board plans to convene later this month to deliberate on the exciting prospect of bonus shares. According to a filing with the <strong>BSE</strong>, a meeting is scheduled for <strong>September 20</strong>, during which they will discuss approving bonus shares at a ratio of <strong>2:1</strong>. This announcement comes on the heels of the crucial AGM, adding an extra layer of anticipation for shareholders.</p>
<p>The company’s filing specified, “A meeting of the Board of Directors is scheduled to consider and recommend to the shareholders the issuance of bonus shares in the ratio of 2:1 i.e. two new fully paid-up equity shares of ₹2 each for every one existing fully paid-up equity share of ₹2 each, to our equity shareholders by way of capitalization of reserves.”</p>
<h2>Bina Modi's Vision for the Future</h2>
<p>During her address at the AGM, <strong>Bina Modi</strong>, Chairperson of GPIL, elaborated on the strategic decision to close the retail business under the brand <strong>24Seven</strong>. She clarified that this was a necessary move to sharpen the company's focus on core operations. “This strategy aligns with the Theory of Core Competency put forth by the late global management guru Professor <strong>C.K. Prahalad</strong>. While it was a tough decision to shut down our retail segment, it was essential for the long-term interests of our company and its shareholders,” she emphasized.</p>
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