Godfrey Phillips appoints Lalit Modi’s son Ruchir Modi as additional director1 min read . Updated: 29 Mar 2016, 11:21 PM IST
Godfrey Phillips India says the board of the company has cleared Ruchir Modi's appointment effective from 19 March
New Delhi: Cigarette maker Godfrey Phillips India Ltd on Tuesday said Ruchir Kumar Modi, son of former Indian Premier League chairman Lalit Modi, has been appointed as an additional director of the company.
The board of the company has cleared Ruchir’s appointment effective from 19 March, Godfrey Phillips said in a BSE Ltd filing.
In November last year, Ruchir had received 2,000 shares in the company, amounting to 0.0038% from his father as a gift. As of the quarter ended December 2015, promoter Modi family group owns 43.50% stake in the company, while Philip Morris Global Brands Inc. owns 25.10% stake.
Lalit Modi is currently facing investigation by the Enforcement Directorate over alleged financial irregularities while hosting IPL tournament. He is currently residing in the UK.