Lalit Modi quits KK Modi Family Trust. Feud escalated with mother, sister?
Former IPL chairman Lalit Modi went on to say that he had discussed it with his daughter and that they both believe that control of the LKM (Lalit Kumar Modi) family's affairs, as well as its beneficial interest in the Trust, should be transferred to son Ruchir Modi.
Former Indian Premier League (IPL) chairman Lalit Modi on Sunday named his son Ruchir Modi as the new head of the branch and beneficiary of the KK Modi Family Trust. Announcing his resignation via social media, he stated that after consulting with his son and daughter, he is giving up his beneficial interest, both now and that may come in the future.
Lalit Modi said the family feud - with his mother Bina Modi and sister Charu Modi - has caused him great pain. "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 wrote.
He went on to say that he had discussed it with his daughter and that they both believe that control of the LKM (Lalit Kumar Modi) family's affairs, as well as its beneficial interest in the Trust, should be transferred to son Ruchir Modi.
Lalit shared the resignation letter in an Instagram post captioning, “In light of what I have gone through, it’s time to retire and move on. And groom my kids. I am handing them all.”
It is to be noted that Lalit revealed on Friday, in a series of social media posts, that he was on 24/7 oxygen support after suffering from "Covid-19 and deep pneumonia".
Lalit Modi, the founder-chairman of IPL, is on the run after being charged with tax evasion, money laundering, among other cases.
