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Shareholders of Godfrey Phillips India Ltd approved the removal of Samir Modi from the company’s board.
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Bina Modi was reappointed as Managing Director, and her daughter Charu Modi was appointed as an Executive Director.
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The company announced a bonus issue of shares in the ratio of 2:1 and declared a dividend of Rs 56 per share
In a significant development, Godfrey Phillips India Ltd’s shareholders approved the removal of Samir Modi from the company’s board during the annual general meeting held on September 5. The meeting also saw the reappointment of Bina Modi as Managing Director and the appointment of her daughter Charu Modi as an Executive Director.
The removal of Samir Modi was proposed by his mother Bina Modi, citing his conduct during board meetings and outside. The Delhi High Court had earlier allowed Bina Modi to cast a vote on behalf of the KK Modi family trust, which holds nearly 47.5% stake in the company.
The company’s shareholders also approved the declaration of a dividend at the rate of Rs 56 per share for the year ended March 31, 2024. Additionally, the board announced a bonus issue of shares in the ratio of 2:1, which will be considered for approval at a meeting scheduled for September 20.
