Lalit Modi declared his son Ruchir Modi as the successor beneficiary on behalf of his family in the KK Modi Family Trust. file | Photo Credit: Twitter/@RuchirLModi
Former IPL chairman Lalit Modi on 15 January announced his son Ruchir Modi as his successor beneficiary on behalf of his family in the KK Modi Family Trust with immediate effect.
In a social media post, Mr Modi. Involved in a legal battle against his mother Bina Modi and sister Charu over a property dispute in the family, he declared his son as the head of his branch of the family.
In a social media post, Mr. Modi said, “In light of all that I have been through, it is time to retire and move on. and prepare my children. I am handling all of them.
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“The present litigation with my mother and sister, is tedious, strenuous and has been going on for a long time, and even though there have been several rounds of settlement talks, there is no end in sight. And still doing it,” he said in a statement.
Here’s all you need to know about Ruchir Modi
A global business management graduate from Regent’s University, London, 28-year-old Ruchir Modi, like his father, is a cricket enthusiast, manages the family business and lives a lavish lifestyle.
He is a director of cigarette maker Godfrey Phillips India Limited and other family-controlled firms such as the KK Modi Group and Modi Enterprises. He is also the founder and CEO of Modi Ventures. He has led projects like Modicare (Network Marketing), Twenty-Four Seven (Convenience Store), Colorbar (Cosmetics).
Chhote Modi led the Alwar unit of the Rajasthan Cricket Association from 2016 to 2020. He also stood for the Rajasthan Cricket Association election in 2017, but lost to CP Joshi. He alleged “cross voting” in the elections.
Ruchir Modi’s mother Meenal Sagarani died of cancer in 2018. She has an elder sister, Alia Modi, who is the founder and CEO of AMRM International Consultants Ltd, a London-based interior design consultancy company. He also has a half-sister of Ruchir. Mother’s first marriage.
Decision taken after discussion with daughter Alia
Lalit Modi said that he had discussed the matter of appointing his son as his successor with daughter Aaliya. The statement read, “I have discussed this with my daughter and her and I am of the opinion that I should hand over control of the affairs of the LKM (Lalit Kumar Modi) family and its beneficial interest in the trust to my son Ruchir Modi.” ” Told.
In his resignation as Head of Branch (LKM) and Beneficiary of KK Modi Family Trust, he said that after discussion with his son and daughter, he is giving up his beneficial interest, which is presently vested and with can only be contained in the future. of his son Ruchir. Thereafter, Mr. Modi said that he would have no present and future interest in any property, assets or income of KKMFT.
Mr Modi, who led the T20 league Indian Premier League (IPL) – now the world’s richest cricket league – is based in London after leaving the country in 2010 on charges of tax evasion, money laundering and rigging broadcast deals. Wanted in India for. ,
(With PTI inputs)