Lalit Modi must be one happy man. He can definitely say, “mere pass papa hein”. And without any doubt for Lalit Modi’s family including his father K K Modi have openly come out in support of their own blood.
Here’s what the Economic Times has to say:
Putting to rest persistent reports about strained — even estranged — relations between himself and his son Lalit Modi, industrialist K K Modi sprang to his son’s defence on Monday and declared that the 46-year-old would succeed him as head of the Rs 3,500-crore group’s flagship company, Godfrey Phillips India (GPI), the makers of Marlboro, Four Square and Red & White cigarettes.
‘‘ Lalit is the seniormost member of the K K Modi family , he is meant to take over the business,’’ the 73-year patriarch told TOI. Lalit is, at present, an executive director in GPI. Modi senior, however, did not have a date in mind for the succession.
It’s clear that K K Modi is putting his weight behind his son, who has dominated headlines for the past few weeks, mostly for the wrong reasons. ‘‘Lalit is the most brilliant and intelligent member of the family and has created something no one has been able to do so far,’’ he said, referring to the IPL. ‘‘I only wish he had done it for the K K Modi group.”
‘IPL good for Brand Modi’
Ousted IPL Commissioner Lalit Modi has some good news coming his way: Papa K K Modi — who heads a Rs 3,500-crore group — backs him. The 73-year-old patriarch declared Lalit as his rightful inheritor on Monday. Doesn’t it bother him that his eldest son spends so little time on the family business, something that earlier used to worry him? ‘‘I actually encourage it now because it benefits the business through better branding. Thanks to his association with IPL, he has created a network of the rich, famous and influential, which can always be utilized whenever business opportunities crop up for the Modi family.’’
Modi senior sounds doting as he proudly recounts how during his recent visit to Australia , he was introduced as Lalit Modi’s father. ‘‘ I’m wellknown in my age group, but for him it’s across all ages.’’
Modi has another interesting take on Lalit’s limited role in the family business: All his three children have been given space to focus on one additional business, which they do separately. So while younger son Samir runs a cosmetic business on his own, daughter Charu (Bhartia ) manages an education business. Similarly, his wife runs a chain of restaurants and a fashion line. ‘‘ So it’s all right if Lalit wants to put time into a business which makes Modi a household name.’’
Interestingly, some other members of the extended Modi family, which once fought acrimoniously, have thrown their weight behind Lalit. TOI spoke to another senior Modi, who said Lalit could do no wrong.
MR MONEYBAGS
As executive director of Godfrey Phillips India, Lalit Modi drew a salary of Rs 50.69 lakh in 2008-09 , according to the company’s annual report As director of Indofil Organic Industries he drew Rs 1.86 lakh He holds 5.89% stake in Savera Industries. The stake is worth Rs 2 crore, based on Savera’s Monday closing price of Rs 61 on the BSE.
AsiaWire 