Ruchir Modi seeks justice over Rs 620 crore dividends in Delhi HC
Ruchir Modi, son of former Indian Premier League chairman Lalit Modi, has filed a plea in the Delhi High Court seeking distribution of the dividends of Rs 620.83 crore, received by the K.K. Modi Family Trust companies since 2020, among the four family branches — Lalit Modi, Bina Modi, Samir Modi and Charu Modi.
Justice Subramonium Prasad has given two weeks to Bina and her daughter Charu Modi to respond to the Ruchir's application. The case will be next heard on November 19.
Ruchir in his fresh plea has alleged that several trust companies including Godfrey Phillips India (GPIL), IPM India Wholesale Trading and Indofil Industries have announced and distributed dividends the tune of Rs 620.83 crore to the upstream Trust companies since 2020, but he and his family branch had been kept «completely in the dark» and his family branch is entitled to a 25% share.
On the other hand, Bina has received around Rs 119.25 crore remuneration from GPIL and Indofil since 2020 and Charu had received Rs 66.79 crore remuneration from Indofil during the same period, he alleged.
In order to starve them from their legitimate share, Bina in «collusion» with Charu has «ensured that the dividends announced by the downstream companies are not distributed to the beneficiaries. This has been engineered so as to ensure that Ruchir and his family branch are deprived of their due entitlements and share of monies by way of distribution of these dividends. Bina is manipulating the affairs of the Trust for her own benefit and
