The once-private dispute over the vast fortune of the late Indian industrialist KK Modi has erupted into a public spectacle, with accusations of violence and manipulation. At the center of the storm is a fight between Samir Modi, executive director of cigarette giant Godfrey Phillips, and his mother Bina Modi, a director on the same board.
The Economic Times reports that Samir filed a complaint with the Delhi Police, alleging that his mother orchestrated an attack on him to gain an advantage in their ongoing legal battle over KK Modi's Rs 11,000 crore estate. According to the complaint, Samir was prevented from attending a scheduled board meeting by his mother's security personnel and some Godfrey Phillips employees, who allegedly caused him "grievous hurt." Samir claims he sustained a broken finger during the altercation.
This incident highlights the deep rift within the Modi family over the inheritance. The contested estate includes nearly half of the shares in Godfrey Phillips, valued at over Rs 5,500 crore, along with stakes in other Modi group companies. Samir has reportedly challenged his mother's management of the estate in the Supreme Court.
Godfrey Phillips has strongly denied the assault allegations, calling them "entirely false and atrocious." The company spokesperson claims the incident was captured on CCTV cameras, implying they will provide a different perspective on the events.
Samir suspects the attack was a deliberate attempt to intimidate him and pressure him into selling his stake in the company. This comes after Bina Modi reportedly offered to buy him out, an offer he has since rejected. Further complicating the situation, Samir accuses his mother of failing to distribute funds as stipulated in a trust deed established by his father.
This bitter family feud casts a shadow over Godfrey Phillips, a major player in the Indian tobacco industry. The company's reputation and operations could be impacted by the ongoing legal battle and public scrutiny.
With both sides making strong accusations, the truth behind the alleged assault and the future of the Modi family fortune remain unclear. Only time will tell how the legal proceedings and potential release of CCTV footage will resolve this tangled web of family strife and corporate control.