Hospitalized Lalit Modi declared his successor, Ruchir got the responsibility of ‘Family Trust’
Lalit Modi on Sunday announced the appointment of son Ruchir Modi as his successor with immediate effect amid an ongoing property dispute in the business conglomerate KK Modi Family Trust. In a social media post, Modi, who was hospitalized in London after being hit by a coronavirus infection, talked about making Ruchir Modi his successor in family matters. He said that he has taken this decision after discussing with daughter Alia in this regard. Modi said in the statement, “I have discussed this with my daughter and both of us are of the opinion that I want to hand over control of the affairs of the LKM (Lalit Kumar Modi) family and command of my beneficial interests in the trust to my son.” Should be handed over to Ruchir Modi.
Lalit Modi is having a dispute with his mother and sister over the control of property within the family. Describing this legal dispute as long, tiresome and difficult, Modi said, “Many rounds of talks have taken place to settle it but there is no end in sight. It has hurt me a lot. ”Lalit Modi, former chairman of the Indian Premier League (IPL), has been brought to London from Mexico City after his health deteriorated and he has to be given artificial oxygen.
Apart from making Ruchir his successor in the family, Modi said that now the family trust will have no interest in any property or income. However, he will continue as a trustee of KKMFT.
