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A significant majority of shareholders of Godfrey Phillips India (GPIL) on Friday voted in favour of the reappointment of Bina Modi as the Managing Director of the Company. Nearly 87 per cent of those who cast their votes favoured her continuation as the MD and approved payment of remuneration to her during the Company’s Annual General Meeting held on Friday. This comes when the late KK Modi family is locked in a bitter feud over inheritance of assets worth over ₹11,000 crore.
On the proposal of the appointment of Charu Modi as the Executive Director of the Company, a majority of shareholders gave their approval.
Samir Modi ousted
In another significant move, the special resolution regarding not filling up the vacancy ‘for the time being’, caused by the retirement of Samir Modi, also got nod from the voting shareholders. As many as 99.3 per cent of the voting shareholders supported this special resolution. With this, the feuding son, Samir Modi stands ousted from the board.
Meanwhile, the Company said its board will meet later this month to consider the issue of bonus shares. In a BSE filing, the company said that a board meeting will be held on September 20 to consider and approve bonus shares in the ratio of 2:1. This development came on the day of the critical AGM.
“We wish to inform that a meeting of the Board of Directors of the Company is scheduled to be held on Friday, September 20, 2024, to consider and recommend the shareholders for their approval, issue of bonus shares in the ratio of 2:1 i.e. 2 (Two) new fully paid-up Equity Shares of ₹2 each for every 1 (One) existing fully paid-up Equity Share of ₹2 each, to the Equity Shareholders of the Company by capitalization of reserves,” the BSE filing said.
In her speech at the Annual General Meeting , Bina Modi, Chairperson, GPIL defended the Company’s decision to close retail business under brand 24Seven stating that it was done to focus on the core business. “This focus on our core business is in consonance with the Theory of Core Competency propagated by the late global management guru Professor C.K. Prahalad. This strategy has also led us to the closure of our retail business 24Seven. At times we need to bite the bullet in the long-term interest of the company and shareholders,” she stated.
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