Business

Godfrey Phillips says no decision to put assets on sale as Lalit Modi tweets

Updated : January 28, 2020 10:50 AM IST

In a series of tweets on Monday, Lalit Modi said all stakes in several KK Modi group companies were up for sale.

Lalit and his family has a 47.09 percent stake in Marlboro maker Godfrey Phillips.

Lalit, the founder of the Indian Premier League, is in London since 2010. He is battling a slew of charges concerning financial impropriety in India.

Godfrey Phillips India on Tuesday said that there is no decision to put its assets on sale. The company in a regulatory filing said that it is neither engaged nor privy to any such discussions on rumoured potential transaction by its promoters. The company has also received a clarification from its significant promoters on the matter, it added.

The clarification has come after queries on rumoured sale of shares were raised. In a series of tweets on Monday, Lalit Modi said all stakes in several KK Modi group companies were up for sale. The group companies include cigarette maker Godfrey Phillips, Indofill Industries and Modicare.

KK Modi died in November last year and since then a battle between his wife Bina, and son, Lalit, over his assets has deepened.

“Just to set the record straight. Yes all Assets of the #kkmodi group are going on sale…. The other 3 trustees wanted to continue running the Business…But I felt post my father passing away - the value will deplete. I voted for sale,” Lalit tweeted.

Just to set the record straight. Yes all Assets of the #kkmodi group are going on sale. I mean all. The other 3 trustees wanted to continue running the Buisness But I felt post my father passing away - the value will deplete. I voted for sale. https://t.co/dJOIYsevJR. Sale On pic.twitter.com/lKOKZXP04z
— Lalit Kumar Modi (@LalitKModi) January 27, 2020

Lalit and his family has a 47.09 percent stake in Marlboro maker Godfrey Phillips, while Philip Morris Global Brands, the owner of the Marlboro brand, owns 25.1 percent, according to a Mint report.

On the appointment of his mother Bina as the chairperson of Modi Enterprises, Lalit on Monday said that he thinks that she is not qualified to run such a large corporation.

“I did not approve #Binamodi to run the #empire as she is not qualified to run such large corporation and will dilute our value...The full sale must be completed by 29/11/2020," he tweeted.

I did not approve #Binamodi to run the #empire as she is not qualified to run such large corporation and will dilute our value. Thus the sale of all companies, properties etc,has been approved at the first trust meeting on 30/11/2019. the full sale must be completed by 29/11/2020 pic.twitter.com/SqWoTkUF3V
— Lalit Kumar Modi (@LalitKModi) January 27, 2020

Bina was elected as the chairperson of Modi Enterprises in November after the death of KK Modi.

Lalit also tweeted a document regarding the sale, saying Bina could only supervise it — provided the sale takes place in line with the bidding process. In another tweet, Lalit said that some businesses will not be on sale, and will continue to be run by his family members Samir Modi, Bina Modi and Charu Modi.

The investment banker will have a mandate to sell the companies to the highest bidder, he added.

The investment banker will have mandate to sell to highest bidder. The banker will be assisted by the group ceo #rkmalhotra who will apprise the trustees headed by #Binamodi with Charu / Samir and me. process 4 sale laid strictly in the trust guidelines and no deviation allowed
— Lalit Kumar Modi (@LalitKModi) January 27, 2020

Lalit, the founder of the Indian Premier League, is in London since 2010. He is battling a slew of charges concerning financial impropriety in India.

Godfrey Phillips says no decision to put assets on sale as Lalit Modi tweets

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