Jan 16, 2023
By: BI India BureauOn Sunday, the founder of IPL and its former chairman Lalit Modi named his son, Ruchir Modi, as the successor beneficiary in the Lalit Kumar Modi (LKM) Branch of the KK Modi Family Trust (KKMFT) with immediate effect.
Credit: Instagram
Modi announced the move on social media, tweeting, “In light of what I have gone through, it’s time to retire and move on. And groom my kids. I’m handing them all.” Modi has two children with his late wife Minal Modi - Ruchir and Aliya Modi.
Credit: Instagram
Lalit Modi clarified that both his children are equal beneficiaries, but only one could be a leader. His daughter didn’t want to take on the role and couldn’t “handle the hostile environment created post my father’s death, contrary to his wishes”. Thus, after discussing with his daughter, he named Ruchir as the successor.
Credit: Instagram
28-year-old Ruchir Modi graduated in global business management from Regent’s University London in 2016. Since then, he has been a part of the family business. A cricket enthusiast, he’s the former president of the Alwar District Cricket Association.
Credit: Instagram
Since 2016, Modi has acted as the director of Modi Enterprises, Godfrey Phillips India Ltd, Modicare, and KK Modi Group. He is also the Brand Head for Fashion TV in India and founded Modi Ventures in 2015.
Credit: Instagram
Ruchir Modi’s mom, Minal Modi, died of cancer in 2018. He has one elder sibling, 29-year-old Aliya Modi who is an interior designer. She got married last year. He also has a stepsister, Karima Sagrani from his mother’s earlier marriage.
Credit: Instagram
Lalit Modi has been involved in a property dispute with his mother Bina Modi and sister Charu Modi over a trust property named after Lalit’s father, KK Modi. The Supreme Court has asked the parties to solve the dispute through mediation.
Credit: Instagram
Reports state Lalit Modi and his brother, Samir Modi, are in favour of dissolving the Trust and splitting the proceeds, but Bina wants to carry out the valuation of the assets and pay both her sons an amount equivalent to 25 percent of the total value of the Trust.
Credit: BCCL
In the letter announcing his successor, Lalit Modi commented on the ongoing legal dispute, stating that it’s “tedious, strenuous and has gone for long” with “no end in sight”. He added that “it has caused and continues to cause me immense distress."
Credit: Twitter
Lalit Modi was the vice president of BCCI from 2005-10. In 2008, he founded the IPL. In 2010, he was suspended from BCCI after being accused of misconduct, indiscipline and financial irregularities. In 2013, a committee found him guilty of these charges and the BCCI banned him for life, though he denied all charges. He moved to London, citing a threat to his life.
Credit: BCCL
Modi last made it to the news for dating former Miss Universe and actor Sushmita Sen. While Modi announced the development on social media, Sen has neither denied nor confirmed the relationship.
Credit: Instagram