Former IPL Chairman Lalit Modi on Sunday announced his son Ruchir Modi as his successor beneficiary from his family's side in the KK Modi Family Trust with immediate effect.
In a social media post, Modi who has been involved in a legal tussle against his mother Bina Modi and sister Charu over a property dispute in the family, also announced his son as the head of his branch of the family.
"The present litigation with my mother and sister, is tedious, strenuous and has gone on for long, and even though there have been several rounds of discussions for settlement, there is no end in sight. It has caused and continues to cause me immense distress," he said in a statement shared on Instagram.
Modi, who had earlier shared about his health condition due to COVID-19 infection and pneumonia, requiring external oxygen support in London having been flown from Mexico City, said he had discussed the matter of appointing his son as his successor with daughter Aliya.
"I have discussed this with my daughter and she and I are of the opinion that I should hand over the control of affairs of the LKM (Lalit Kumar Modi) family and its beneficial interest in the Trust to my son Ruchir Modi," the statement said.
Citing a clause in the KK Modi Family Trust (KKMFT) deed, he said, "I hereby nominate my son Ruchir Modi, a beneficiary of the KKMFT under LKM Branch to be my successor as the next head of the LKM Branch of KKMFT and this shall vest in him immediately." In his resignation as head of branch (LKM) and beneficiary of KK Modi Family Trust, he said after discussing with his son and daughter, he is foregoing his beneficial interest, vested at present as well as any that may vest in the future in favour of his son Ruchir.
Subsequently, Modi said he would cease to have any interest, present and future in any of the assets, properties or incomes of the KKMFT.
However, he clarified that "this does not affect my status as a Trustee of the KKMFT, nor would it affect my rights as a member of the KKM family and any claim made for the family expenses under clause 6.1.5 of the KKMFT shall remain unaffected by my gifting my beneficial interest in favour of my son." In the social media post, Modi said,"In light of what I have gone thru (sic) it's time to retire and move on. And groom my kids. I am handling them all." Modi, who pioneered the T20 league Indian Premier League (IPL) -- now the richest cricket league in the world, is wanted in India after leaving the country in 2010 for London after being charged of tax evasion, money laundering and manipulating broadcast deals.
