New Delhi, Jan 16 (UiTV/IANS) – Controversial cricket administrator and former IPL chairman Lalit Modi on Sunday announced that his son Ruchir Modi would succeed him as head of Lalit Kumar Modi (LKM) branch of the K.K. Modi Family Trust.
He also announced his resignation as head of LKM branch and beneficiary of the K.K. Modi Family Trust.
Modi in a letter to members of the K.K. Modi Family Trust, namely Bina Modi, Charu Modi and Samir Modi, said that the ongoing litigation between him and his mother and sister have been going on for too long and caused a lot of distress to him, despite several rounds of negotiations for settlement.
Thus he has decided to name his son, Ruchir as his successor of the LKM branch, who would handle all its affairs.
Lalit Modi said in the letter that he took the decision to name his son as his successor after discussions with his daughter Aliya Modi.
In a separate letter, he also announced his resignation as the head of LKM branch and beneficiary of K.K. Modi Family Trust.
The move by the businessman has come after he was recently hospitalised and placed on oxygen support after suffering from Covid-19.
“In light of what I have gone thru, it’s time to retire and move on. And groom my kids. I am handing them all,” Modi tweeted later.
Will go as per legal advice: Lalit Modi’s mother
Lalit Modi’s mother Bina Modi, with whom he is involved in a family property dispute, refused to comment on his decision to name his son Ruchir as his successor in the K.K. Modi family trust from his side.
Contacted by IANS, Bina Modi declined to comment on the development, but said that she will go as per the advice of her legal counsel.
Earlier on Sunday, Lalit Modi announced that his son Ruchir Modi would be his successor beneficiary from his family’s side in the K.K. Modi Family Trust with immediate effect.
In a social media post, Lalit Modi, who has been involved in a legal tussle against his mother and sister Charu over a property dispute in the family, also announced his son as the head of his branch of the family.
“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… 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,” Lalit Modi said in a letter addressed to his mother and siblings.
In August 2022, the Supreme Court had appointed former apex court judge Justice R.V. Raveendran as a mediator to settle the family property dispute.
The apex court had observed that counsel appearing for both sides agreed that they would go without any pre-condition and with an open mind to settle the dispute in mediation.
The decision was taken by a bench headed by the then Chief Justice N.V. Ramana.
Bina Modi confirmed to IANS that the mediation process was on.