Former IPL Chairman and member of the Modi family trust, Lalit Modi, today announced his son, Ruchir Modi as the successor of the Lalit Kumar Modi (LKM) Branch of the KK Modi Family Trust (KKMFT).
In a Twitter post, Mr Modi shared a letter and said, “In the light of what I’ve gone through, it’s time to retire and move on and groom my kids. I am handling them all.”
l 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. ?? pic.twitter.com/DihwLqJd5e
— Lalit Kumar Modi (@LalitKModi) January 15, 2023
In the letter, Mr Modi added that the members of the LKM Branch are the beneficiaries of the KK Modi Family Trust, and after the death of his wife, Minal Modi, his two children, Ruchir and Aliya are the beneficiaries.
Mr Modi said the decision to nominate his son, Ruchir, was taken after discussions with his daughter and considering his legal dispute with his mother and sister for the past several years.
On his legal dispute, the former IPL Chairman said, “It is tedious, strenuous and has gone for long and even though there have been several rounds of discussion for settlement, there is no end in sight. It has caused and continues to cause me immense distress.”
Last year, he informed the Supreme Court that the top-court-mandated mediation to revolve his long pending property dispute failed.
Mr Modi recently shared an update on health and said, “After three weeks in confinement with a double covid in two weeks, accompanied by influenza and deep pneumonia…Unfortunately, still on 27/7 external oxygen.”