Lalit Modi resigns, names son Ruchir as successor in KK Modi Family Trust

Former IPL Chairman Lalit Modi tendered his resignation as Head of the Branch and Beneficiary of the KK Modi Family Trust (KKMFT), naming his son Ruchir Modi as the successor from his family's side to the post on Sunday. In his resignation, shared on social media, Lalit underlined that after his wife Minal Modi's demise, the branch of KKMFT with his family comprises him and his two children Ruchir Modi and Aliya Modi as beneficiaries. 

Lalit Modi resigns from KKMFT

Notably, a trust deed was executed in London by KK Modi as settlor/managing trustee and Bina, Lalit, Charu, and Samir as trustees of the KKMFT, and in pursuance of an oral family settlement was recorded between them on February 10, 2006. K K Modi died on November 2, 2019, after which the dispute arose among the trustees.

Lalit Modi said, "The present litigation with my mother and sister is tedious, strenuous, and has gone on for long, and even though there have been several rounds of discussions for settlement, there is no end in sight. It has caused and continues to cause me immense distress." 

"I have discussed this with my daughter and she and I are of the opinion that I should hand over the control of affairs of the LKM (Lalit Kumar Modi) family and its beneficial interest in the Trust to my son Ruchir Modi," Lalit further said.

Citing a clause in the KKMFT deed, Lalit said, "I hereby nominate my son Ruchir Modi, a beneficiary of the KKMFT under LKM Branch to be my successor as the next head of the LKM Branch of KKMFT and this shall vest in him immediately."

He added that he would cease to have any interest, present and future in any of the assets, properties or income of the KKMFT.

He, however, clarified that "this does not affect my status as a Trustee of the KKMFT, nor would it affect my rights as a member of the KKM family and any claim made for the family expenses under clause 6.1.5 of the KKMFT shall remain unaffected by my gifting my beneficial interest in favour of my son."

Modi, who had earlier spoken on social media about his health condition due to COVID-19 infection and pneumonia, requiring external oxygen support in London having been flown from Mexico City, said in the post, 'In light of what I have gone thru (sic) it's time to retire and move on. And groom my kids. I am handling them all."

Modi, who pioneered the T20 tournament Indian Premier League (IPL) -- now the richest cricket league in the world, is wanted in India after leaving the country in 2010 for London after being charged of tax evasion, money laundering and manipulating broadcast deals.