Lalit Modi announced his son Ruchir Modi as his successor beneficiary from his family’s side in the KK Modi Family Trust. File
| Photo Credit: Twitter/@RuchirLModi
Former IPL Chairman Lalit Modi on January 15 announced his son Ruchir Modi as his successor beneficiary from his family’s side in the KK Modi Family Trust with immediate effect.
In a social media post, Mr. Modi who has been involved in a legal tussle against his mother Bina Modi and sister Charu over a property dispute in the family, also announced his son as the head of his branch of the family.
In the social media post, Mr. Modi said, ”In light of what I have gone thru (sic) it’s time to retire and move on. And groom my kids. I am handling them all.”
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“The present litigation with my mother and sister, is tedious, strenuous and has gone on for long, and even though there have been several rounds of discussions for settlement, there is no end in sight. It has caused and continues to cause me immense distress,” he said in a statement.
Here is everything 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, handles the family business and has a flamboyant lifestyle.
He is a director of cigarette-maker Godfrey Phillips India Ltd and other family-controlled firms such as 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 stores), ColorBar (cosmetics).
The younger Modi headed the Alwar unit of the Rajasthan Cricket Association from 2016 to 2020. He also stood for the elections for the Rajasthan Cricket Association 2017, only to be defeated by C.P. Joshi. He had alleged “cross-voting” in the polls.
Ruchir Modi’s mother Minal Sagrani died of cancer in 2018. He has an older sibling, Aliya Modi, who is the founder and CEO of a London-based interior design consultancy company, AMRM International Consultants Ltd. Ruchir also has a step-sister from his mother’s first marriage.
Decision taken after discussion with daughter Aliya
Lalit Modi said he had discussed the matter of appointing his son as his successor with daughter Aliya. “I have discussed this with my daughter and she and I are of the opinion that I should hand over the control of affairs of the LKM (Lalit Kumar Modi) family and its beneficial interest in the Trust to my son Ruchir Modi,” the statement said.
In his resignation as head of branch (LKM) and beneficiary of KK Modi Family Trust, he said after discussing with his son and daughter, he is foregoing his beneficial interest, vested at present as well as any that may vest in the future in favour of his son Ruchir. Subsequently, Mr. Modi said he would cease to have any interest, present and future in any of the assets, properties or incomes of the KKMFT.
Mr. Modi, who pioneered the T20 league Indian Premier League (IPL) — now the richest cricket league in the world, is wanted in India after leaving the country in 2010 for London after being charged with tax evasion, money laundering and manipulating broadcast deals.
(With PTI inputs)
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