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- Lalit Modi Coronavirus Update; Ruchir Modi, KK Modi Family Trust | Ex IPL Chairman London Latest News
Jaipur4 hours ago
Lalit Modi has been airlifted to London. Where he is undergoing treatment for corona.
Former IPL chairman Lalit Modi is on oxygen support in London. He has got corona for the second time in two weeks. In the midst of illness, he took a big decision. He handed over everything to the children. Lalit Modi was airlifted from Mexico City three days ago and admitted to the hospital in London. From the hospital itself, he resigned from the Family Trust and announced handing over the command of the family to son Ruchir.
Although Lalit Modi did not tell how much property he has handed over to his son. Actually he has a dispute with his mother and sister over the property of the trust. The total net worth of Modi Enterprises is Rs 12,000 crore. According to media reports, Lalit Modi’s total assets are around Rs 4.5 thousand crore.
Tweeted information about retirement
Lalit Modi handed over the Lalit Kumar Modi (LKM) branch of KK Modi Family Trust to son Ruchir. Lalit Modi will no longer be the beneficiary of the trust. He also announced his resignation. The legal battle between Lalit Modi’s mother Bina and sister is going on regarding this trust. His mother Bina Modi has refused to give any reaction on this decision.
Lalit Modi tweeted- The lesson I got from the phase I went through is that now is the time to retire and move on. It’s time to raise the kids, I’m entrusting them all.
In this picture Lalit Modi is seen with wife Meenal, daughter Alia and son Ruchir at Serengeti National Park in Tanzania. Meenal died in 2018 due to cancer. Lalit Modi married Meenal, 9 years elder to himself, in 1991.
Letter written to members of KK Modi Family Trust, 3 important things
1. Dispute between mother and sister for a long time, no solution found
Lalit Modi has written a letter to its members regarding the KK Modi Family Trust. Said that the cases between his mother and sister have been going on for a long time, no solution has been found despite several rounds of talks for settlement, this has caused a lot of trouble. He wrote that this decision has been taken only after discussing with daughter Alia.
2. Both my children are equal but the leader can be only one
Lalit Modi wrote- I want to say, both my children are equally beneficiaries, but the leader can be only one. My daughter is very smart, but unfortunately she doesn’t want the role. Once on the instructions of the chairman, he was taken out of the office and locked. The second time the Speaker removed her car while she was out for dinner. She cannot handle the animosity created after my father’s death.
3. I don’t want to repeat my father’s mistake
Lalit Modi has mentioned the mistake made by his father regarding division in the family due to the dispute with his sister and mother. Wrote in the tweet- I am feeling very happy, at the age of 59 this is the right time, but my father did not have time to do this for the next generation. I don’t want to repeat that huge mistake.
Last year’s attempt to reach an agreement failed.
The court had initiated a settlement on the ongoing legal battle between Lalit Modi, his mother Bina Modi and sister over the KK Modi Family Trust. In 2022, on behalf of Lalit Modi, famous lawyer Harish Salve and other lawyers including Kapil Sibal on behalf of his mother negotiated the settlement, but no solution could be found.
Dispute over selling trust property
According to media reports, after the death of Lalit Modi’s father KK Modi in 2019, the quarrel increased in the family. This is a dispute regarding the property of KK Modi Family Trust. Modi claimed in the court that there was no consensus among the members of the trust regarding the sale of the property. Still the property started selling and its equal share was not given to the members of the trust within a year. While Lalit’s mother Bina Modi claims that no property of the trust was sold at all.
Controversial life of Lalit Modi, fled the country 12 years ago
Lalit Modi started IPL. He was the Vice President of BCCI from 2005 to 2010. He was the chairman and commissioner of IPL from 2008 to 2010. In 2010, Lalit was suspended from the post of IPL commissioner on charges of rigging. He was also suspended from BCCI. He fled the country in 2010 following allegations in a money laundering case.
The relationship with Sushmita Sen came in the discussion
Lalit Modi came into the limelight in 2022 regarding his relationship with Sushmita Sen. He shared special bond pictures with Sushmita Sen. Earlier speculations were made that both of them got married, but Modi himself denied it.
Last year, there was a lot of discussion about the relationship between Lalit Modi and film actress Sushmita Sen. This picture was shared by Lalit Modi himself on Twitter.
Modi lives in a mansion spread over 7000 square feet.
After fleeing India, Lalit Modi lives in the prestigious five-storey mansion at 117, Sloane Street, London. It is spread over 7000 square feet. This luxurious bungalow has 8 double bedrooms, 7 bathrooms, 2 guest rooms, 4 reception rooms, 2 kitchens and a lift. Modi has taken it on lease. In 2011, the rent of this house was Rs 12 lakh per month. According to London estate agents, the current rent would be more than Rs 20 lakh per month.
Owner of a company worth 12 thousand crores
According to Lalit Modi’s Twitter bio, he is the President of Modi Enterprises. The total net worth of Modi Enterprises is Rs 12,000 crore. The company is engaged in the business of Agro, Tobacco, Pan Masala, Mouth Freshener, Confectionery, Retail, Education, Cosmetic, Entertainment and Restaurant.
Along with India, the business of this company extends to Middle East, West Africa, South-East Africa, South-East Asia, East Europe, Australia, South America and Central America. According to media reports, Lalit Modi’s total assets are worth 4.5 thousand crores.
Read, the story of Lalit Modi from starting family business and IPL to becoming a fugitive…
Lalit’s grandfather had built Modinagar
Lalit Modi was born on 29 November 1963 in New Delhi in a big business family of India. His father Krishna Kumar Modi and grandfather Gujarmal Modi were big businessmen.
Lalit Modi’s grandfather Gujarmal Modi, along with his brother Kedar Nath Modi, founded the Modi Group in 1933 and established an industrial town called Modinagar in Ghaziabad, Uttar Pradesh. Gujarmal Modi started the business with a sugar mill. He was awarded the Padma Bhushan by the Government of India in 1968.
Gujarmal’s son and Lalit Modi’s father Krishna Kumar Modi i.e. KK Modi further increased his father’s business.
Lalit Modi is fond of expensive cars. He has three Ferraris, which cost Rs 15 crores.
Bunk the class and got kicked out of school
Modi studied at Bishop Cotton School, Shimla. When the family received the threat of kidnapping, the family moved to Nainital. From 1976 to 1980, Lalit Modi studied at St. Joseph’s College, Nainital. In 1980, when Lalit was studying in Class X, he was expelled from school for bunking classes to watch a film.
After this, Lalit Modi studied engineering and business administration from America. He went to Peace University in New York for two years and then to Duke University in North Carolina for one year, but could not complete his graduation from either place.
Caught in drug smuggling in America
While he was studying in America, Lalit Modi and three of his friends tried to buy half a kilo of cocaine for $10,000, but the cocaine seller robbed Modi and his friends of the money at gunpoint. The next day, Modi and his friends beat up a student suspected of being involved in the affair.
On March 1, 1985, Lalit Modi and another student were booked for smuggling cocaine, conspiracy to kidnap. After this Modi accepted his mistake. The court initially sentenced him to two years, but later changed it to 100 hours of community service.
In 1986, Modi sought permission from the court to return to India citing ill health, the court had ordered him to do 200 hours of community service in India while allowing him.
Joined family business in 1986, became president in 2010
Modi returned to India in 1986 and joined his family business. From 1987 to 1991, he was the chairman of the International Tobacco Company Limited. In 1989, Modi became a non-executive and non-independent director of Godfrey Phillips India Limited, one of the country’s largest tobacco companies.
Godfrey had a joint venture with Lalit Modi’s family company Modi Enterprises and Phillips Morris International. In 1992, he became the Executive Director of Godfrey Phillips India and held the position till August 2010. In 2010, his father KK Modi announced that Lalit Modi would take over the reins of the Modi family business, Modi Enterprises and its associated companies. Lalit Modi is still the President of Modi Enterprises.
Modi had a sense of the popularity of televised cricket in India with the ESPN deal and the success of American sports leagues like the NBA. He thought of doing something similar for cricket in India.
IPL launched in 2008
In 1995, he pitched the idea of a new 50-over league-based tournament to the BCCI, but the BCCI rejected it. The idea was shelved until 2007, when Subhash Chandra launched a 20-over T20 league called the Indian Cricket League (ICL).
With the arrival of ICL, BCCI came into action and banned all Indian players playing in ICL. After this, in 2008, BCCI launched the Indian Premier League ie IPL. Lalit Modi is believed to be the brain behind launching the IPL. He was the commissioner of IPL from 2008 to 2010. Meanwhile, he was also the President of Rajasthan Cricket Association.
In its very first year, the BCCI earned a whopping $1 billion from media, broadcasting and other rights, which grew year after year.
Suspended for irregularities in money transactions
After the 2010 IPL was over, the BCCI suspended Lalit Modi on charges of financial irregularities.
The BCCI started an investigation into the matter and in 2013 banned Lalit Modi for life after being found guilty. However, Modi termed it as a political conspiracy, claiming himself to be innocent. In 2010, the Enforcement Directorate, i.e. ED started investigation of tax evasion and money laundering against Lalit Modi, then he left the country and went to London. Since then he has been in London only.
According to media reports, Lalit Modi is also accused of benefiting his family and friends from IPL. His brother-in-law (sister Kavita’s husband) had a major stake in the IPL team Rajasthan Royals.
Her stepdaughter Karima’s husband Gaurav Barman had a stake in the Global Cricket Venture that acquired the digital mobile and internet rights of the IPL. Gaurav’s brother Mohit Burman had a stake in Kings XI Punjab.
In 2018, the ED imposed a fine of Rs 121.56 crore on Lalit Modi and former BCCI president N Srinivasan for violation of the FEMA Act. This fine was imposed for transfer of funds for IPL 2009 held in South Africa. The ED had said that RBI guidelines on transferring money abroad were violated.