KK Modi

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. In a social media post, 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. "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. 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

As business families grow larger with the addition of sons and daughters and sons-in-law and daughters-in-law, they drift away and live in their own separate houses

Writes to NSE, BSE again, questioning appointment of Bina Modi as firm's president and MD

According to sources, the report of the independent directors on the board has not been circulated among the members ahead of Tuesday's meeting

Ruchir points out that his grandmother Bina still runs the company as the president and managing director despite her ouster by public shareholders.

The family members are currently involved in a bitter battle on the future of the Rs 10,000-crore empire

Modi expects the group's revenue to grow more than 20% a year in the near future