Godfrey Phillips shareholders again Bina Modi’s reappointment as MD

A major majority of shareholders of Godfrey Phillips India (GPIL) on Friday voted in favour of the reappointment of Bina Modi because the Managing Director of the Firm. Almost 87 per cent of those that forged their votes favoured her continuation because the MD and permitted fee of remuneration to her in the course of the Firm’s Annual Normal Assembly held on Friday. This comes when the late KK Modi household is locked in a bitter feud over inheritance of property price over ₹11,000 crore.

On the proposal of the appointment of Charu Modi because the Government Director of the Firm, a majority of shareholders gave their approval.

Samir Modi ousted

In one other vital transfer, the particular decision concerning not filling up the emptiness ‘in the intervening time’, attributable to the retirement of Samir Modi, additionally obtained nod from the voting shareholders. As many as 99.3 per cent of the voting shareholders supported this particular decision. With this, the feuding son, Samir Modi stands ousted from the board.

In the meantime, the Firm stated its board will meet later this month to think about the problem of bonus shares. In a BSE submitting, the corporate stated {that a} board assembly can be held on September 20 to think about and approve bonus shares within the ratio of two:1. This improvement got here on the day of the essential AGM.

“We want to inform {that a} assembly of the Board of Administrators of the Firm is scheduled to be held on Friday, September 20, 2024, to think about and advocate the shareholders for his or her approval, subject of bonus shares within the ratio of two:1 i.e. 2 (Two) new absolutely paid-up Fairness Shares of ₹2 every for each 1 (One) present absolutely paid-up Fairness Share of ₹2 every, to the Fairness Shareholders of the Firm by capitalization of reserves,” the BSE submitting stated.

In her speech on the Annual Normal Assembly , Bina Modi, Chairperson, GPIL defended the Firm’s determination to shut retail enterprise beneath model 24Seven stating that it was accomplished to deal with the core enterprise. “This deal with our core enterprise is in consonance with the Idea of Core Competency propagated by the late international administration guru Professor C.Okay. Prahalad. This technique has additionally led us to the closure of our retail enterprise 24Seven. At instances we have to chunk the bullet within the long-term curiosity of the corporate and shareholders,” she said.