Former IPL Chairman Lalit Modi on Sunday announced his son Ruchir Modi as his successor beneficiary from his family's side in the KK Modi Family Trust with immediate effect. However, this announcement seems to have reopened the feud within the family with its members pouring their grievances on social media.
In a social media post, Lalit Modi, who has been involved in a legal battle against his mother Bina Modi and sister Charu over a property dispute, 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," he said in a statement shared on Instagram.
Lalit Modi, who had earlier shared about his health condition due to Covid-19 infection and pneumonia, requiring external oxygen support in London having been flown from Mexico City, 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.
Subsequently, Lalit Modi said he would cease to have any interest, present, and future in any of the assets, properties or incomes of the KKMFT. Soon after Lalit Modi's decision to step down as head of his family branch came to light, his mother Bina Modi, when asked to comment on the development, refused to say anything but added that she will go as per legal advice regarding the ongoing court battle involving her son Lalit Modi.
Modi's brother Samir Modi tagged the abovementioned tweet and tweeted, "I signed the trust deed & gave up my inheritance rights because my father wanted to protect them. I never ever imagined that my mother would abuse this wish and put me on the road. It's truly broken me and my faith in her. Can't imagine what money & greed has done to her." Later, he deleted the tweet.
Let us have a look at the profile of Ruchir Modi:
Ruchir Modi is one of the two children of Lalit Modi and Minal Sagrani. He has a younger sister, Aliya. They lost their mother to cancer in 2018.
28-year-old Ruchir did his schooling in Mumbai and London. He has a bachelor’s degree in global business management from Regent's University, London.
He is the director of cigarette-maker Godfrey Phillips India Ltd, other family-controlled firms such as KK Modi Group and Modi Enterprises. On his website, he says that is “spearheading the digital transformation of Modi Enterprises which as set up by his father KK Modi. He is also the founder and CEO of Modi Ventures that he founded in 2015.
According to his website, some of the projects he handled are Modicare (network marketing), Twenty-Four Seven (convenience stores), ColorBar (cosmetics).
Ruchir Modi also is known for his flamboyant lifestyle like his father. On Instagram, he regularly flaunts his holidays in exotic destinations around the world on private jets, his yacht trips and glamourous parties.
Cricket is another common area of interest for Ruchir Modi and Lalit Modi. He headed the Alwar unit of Rajasthan Cricket Association from 2016 to 2020. He also stood for the elections for the Rajasthan Cricket Association 2017, only to be defeated by CP Joshi. Modi alleged 'cross-voting' in the polls.