24Seven Retail and Samir Modi, son of Managing Director Bina Modi, have sought royalty for trademark and moved a case before Delhi High Court. Godfrey Phillips India has contested the demands and said there is no royalty payable.
Godfrey Phillips in a separate filing informed that after the AGM, Samir Modi has ceased to be a director on its board
Delhi HC directs Bina Modi to provide semi-annual disclosures regarding the remuneration and benefits she receives as MD of the company
In July this year, the Delhi High Court had allowed Godfrey Phillips to proceed with the sale of the retail business 24Seven.
The proxy advisory firm has cited family feud and remuneration paid to the promoter group as the key reasons for giving the recommendation. An AGM of the company is slated on September 6.
Ahead of the AGM on September 6, Modi, who is locked in a dispute with his mother and was ousted as the executive director recently, tells Moneycontrol that personal biases have no place in boardrooms
Samir Modi was ousted from the company board earlier this month. At the heart of the dispute is a succession battle in the $2.8 billion KK Modi Group.
The Delhi court added Samir Modi's reappointment needs to be done under the Companies Act. The court also asks Bina Modi not to take steps to defeat the candidature of Samir.
Modi said that he was assaulted at a board meeting in May at the behest of other directors, including his mother Bina Modi and Bhasin.
The court restrained Bina Modi, the chairperson and managing director of the KK Modi group, from ousting Samir Modi from the board of the group, the news channel said.
The development follows a police complaint by Samir Modi last week, in which he accused his mother, Bina Modi, of orchestrating a physical assault on him through her PSO in the group’s corporate office as he tried to attend a board meeting
Samir Modi accuses his mother, Bina Modi, of orchestrating an attack to prevent him from a Godfrey Phillips board meeting amid a feud over their Rs 11,000 crore inheritance.
Samir Modi, founder and managing director, Colorbar Cosmetics, shares the company’s plans to go global and public, be more inclusive and go D2C.
In a freewheeling conversation with CNBC-TV18, Colorbar chief Samir Modi outlines his plans for taking on global giants like Bobby Brown.