The Founder and ex-chairman of the Indian Premier League (IPL), Lalit Modi has been all over the news since he announced his resignation as the head of his family’s LKM branch of the K.K. Modi Family Trust (KKMFT). It was on January 2023, when Lalit Modi officially announced his decision to leave the position and named his son, Ruchir Modi as his successor. The businessman shared a picture of the letter which he had sent to all the trustees of K.K. Modi Family Trust.
In the letter, Lalit Modi shared a series of things in the context of his son, Ruchir Modi becoming his heir and how he had decided to retire and enjoy the rest of his days seeing his children winning in their lives. The decision came after the business tycoon suffered from severe pneumonia.
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From being hospitalised to being given 24x7 oxygen support, Lalit also had a terrible impact on his lungs and had a near-death experience. Thus, it wasn’t a surprise for people to see him handing over all his businesses to his son, Ruchir Modi. In his official announcement, Lalit Modi admitted that he had a discussion with his daughter, Aliya Modi, over naming his son and her brother, Ruchir as his successor, and she agreed to it completely.
While the doting father, Lalit Modi has clearly mentioned that his daughter is happy to see her brother, Ruchir, being named as their father’s successor, some bitter rumours were revolving on the internet that it wasn’t the reality. Talking about Lalit Modi’s mention of his meeting with Aliya Modi in the letter. It could be read as:
"I have discussed this with my daughter and she and I are of the opinion that I should hand over control of the affairs of the LKM family and its beneficial interest in the Trust to my son, Ruchir Modi."
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He penned a few words in the caption, along with the picture of his official letter to the trustees of K.K. Modi Family Trust (KKMFT). It could be read as “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.” As soon as Lalit Modi announced his son, Ruchir Modi as his successor, a section of netizens started accusing the businessman of neglecting his daughter, Aliya Modi. While a user had written, "Be fair to your daughter Modi sahab", another netizen commented, "Hand over power to both son and daughter as equal shareholders after your demise".
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When Lalit Modi announced his son, Ruchir Modi as his heir in his letter to the trustees of K.K. Modi Family Trust (KKMFT), he also opened up about his bitter relations with his mother, Bina Modi and sister, Charu Bharti. The feud between the Modi family members got straight into the headlines and is currently in the limelight. In his letter, the entrepreneur clearly mentioned that his mother and sister weren’t interested in making a settlement with him. He had penned:
"The present litigation with my mother and my sister, is tedious, strenuous and has gone on for a long, and even though there have been several rounds of discussion for settlement, there is no end insight. it has caused and continues to cause me immense distress."
The businessman, Lalit Modi’s mother, Bina Modi gave a strong reaction to his decision to name Ruchir Modi the head of their family’s trust, LKM. She clearly stated that she would go the legal way and reportedly take action against this announcement.
This isn’t the first time when we are talking about the fight between Lalit Modi and his mother, Bina Modi, over a family property dispute. Some time ago, in a conversation with the media, Lalit Modi admitted that he is worried about his kids, Aliya Modi and Ruchir Modi’s future, as he fears that after his death, his mother will destroy them both financially and mentally.
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Lalit Modi’s sister, Charu Bharti has been on their mother, Bina Modi’s side for some time now. She has always supported her mother in her claims that Lalit has destroyed them and their family. From making severe allegations against him in public, the mother-daughter duo, Bina and Charu, are doing everything at the moment to give a proper reaction to Lalit Modi’s decision to announce his son, Ruchir, as the head of their family’s trust.
Amid all the fights and allegations, Lalit Modi received much-needed support from his brother, Samir Modi. As soon as it was reported that Bina Modi was all set to take legal action against Lalit Modi for making Ruchir Modi his successor, Samir tweeted his feelings on Twitter. In his tweet, Samir admitted that he had always respected his father, late Krishan Kumar Modi, which was why he had signed the trust deed and had given up his inheritance rights. He also shared how he was hurt to see his mother disrespecting his father’s vision and wish. His tweet could be read as:
"I signed the trust deed and 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 and greed has done to her."
It was on July 14, 2023, when the honourable Supreme Court adjourned the long-lasting property dispute between Lalit Modi and Bina Modi. The court has moved the matter to a final hearing which is scheduled to take place in November 2023. Both parties approached the Supreme Court back in 2022 after the mediation between Lalit Modi and Bina Modi failed terribly. As per the Bar and Bench, Justice Sanjiv Khanna said:
"The files were so many that we took so much time to figure out which case is listed today."
For the unversed, it was in August 2022 when the honourable Supreme Court appointed Justice R.V. Raveendran as a mediator between both sides to settle the property dispute. However, only time will tell whether we will see an end to their family disputes.
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