Former IPL chairman and member of the Modi family trust. Lalit Modi today announced his son Ruchir Modi as the successor to the Lalit Kumar Modi (LKM) wing of the KK Modi Family Trust (KKMFT).
In a Twitter post, Mr. Modi shared a letter and said, “In light of what I have gone through, it is time to retire and raise my children. I am managing everything for them.”
In the letter, Mr. Modi added that members of the LKM wing are beneficiaries of the KK Modi Family Trust. And his two children Ruchir and Alia are beneficiaries after the death of his wife Minal Modi.
Mr. Modi said the decision to nominate his son Ruchir was taken after discussions. With his daughter and considering his legal tussle with his mother and sister over the past few years.
About his legal dispute, the former IPL chairman said. “It has been exhausting, acrimonious and long drawn out. And although there have been several rounds of negotiations for a settlement, there is no end to it. It has caused me and continues to cause me immense pain.”
Last year, he informed the Supreme Court that apex court-mandated mediation had failed to settle. His long-standing property dispute.
Mr. Modi recently shared an update on health and said, “After three weeks of confinement. With a double covid in two weeks, with influenza and deep pneumonia…unfortunately, still on 27/7 external oxygen.”
