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“I am extremely keen that this matter is amicably resolved within the family and the honour and prestige of Late Shri Rai Bahadur Gujarmal Modi and his eldest son Late Sri KK Modi is not impacted in any manner. I agree to play an advisory role in helping you (sic),” BK Modi said, responding to a note from Lalit Kumar Modi, eldest son of KK Modi.
The senior Modi, who was first to launch cellular services in India way back in 1993, has shared this family note in a tweet.
KK Modi expired November last year.
“Late Shri KK Modi wanted to sell all assets and distribute among his family members incl his 3 children Lalit, Sameer, & Charu Modi. He wanted to provide 25% to his wife Bina Modi with a provision that after her the money would be distributed among the three children (sic),” BK Modi said in another tweet.
The KK Modi group has transferred all family shareholdings into the trust and made a provision for offloading all trust fund if the trustees — Bina Modi, Lalit Modi, Charu Modi and Samir Modi — fail to unanimously decide on the management of the family controlled businesses.
Lalit Modi is in favour of selling down the assets while others are not, senior people familiar with the development said.
“KKM also agreed the sale proceeds will be divided into four.
I think it was a fair settlement for the family but he also had in mind the company wealth should not be destroyed and it should be sold to people who can take it to the next level,” BK Modi tweeted.
Addressing BK Modi in n note dated December 2, 2019, Lalit Modi said: “As a respected family elder, I truly value your guidance, advice and blessing in realising optimal value for the trust assets and implementing due distribution of the trust funds in keeping with the letter and spirit of the Restated Trust deed.”
He ended the note requesting BK Modi to accept the advisory role.
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