Samir Modi, son of business tycoon K.K. Modi, is leading all the headlines after he challenged his mother, Bina Modi, over the handling of Rs. 11,000 crore inheritance. As per a report in the Economic Times, Samir Modi accused his mother of withholding funds from their family as well as controlling the affairs of Godfrey Phillips (flagship company of Modi Enterprises).
Post the death of the family’s patriarch, K.K. Modi, in 2019, Samir Modi and his sister, Charu Modi, supported their mother, Bina’s decision to continue the family trust. However, it was Lalit Modi who opposed the same and demanded the dissolution of the trust. Bina gave Lalit his share.
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But now, the family is garnering the headlines after Samir broke his allies with Bina and asked for the distribution of the family wealth. As Samir Modi is hitting the spotlight, let us look at some lesser-known details about the younger son of K.K. Modi and Bina Modi, Samir Modi, who is the executive director of Modi Enterprises.
Born into an affluent business family on December 15, 1969, Samir Modi is the youngest child of K.K. Modi and Bina Modi. His elder sister, Charu Modi is the CEO and Vice President of Modi Academic International Institute. On the other hand, his brother, Lalit Modi, is a popular name in the business and sports circuit. Lalit is a former cricket administrator, who founded the Indian Premier League (IPL) cricket tournament.
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Samir Modi did his schooling at The Doon School in Dehradun. After completing his schooling, Samir went to pursue his bachelor’s degree from the prestigious Harvard Business School in the US.
Samir Modi began his career in 1992 as a management trainee at a tobacco company, Philip Morris in the US. Later, he returned to India and joined the family business. In 1996, Samir launched his own company, Modicare, within Modi Enterprise.
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The company provides products in the home care, laundry care, agriculture, food and beverage, health and wellness and automotive industries. The venture, which began with 12 products and 300 distributors, now operates throughout India. Within just five years, Modicare became the top direct-selling company.
In 2004, Samir Modi launched the premium beauty brand Colorbar Cosmetics. Samir faced a lot of opposition from his family for venturing into a cosmetic brand. However, within some years, he branded it as one of the most exclusive yet affordable cosmetic brands.
In 2005, Samir Modi extended his business by launching a chain of convenience stores, Twenty-Four Seven. From groceries to cosmetics and whatnot, the retail store provided everything round the clock.
Samir Modi is married to Shivani Gupta, who is a businesswoman and is the co-founder of Ceekr. For the unversed, Ceekr is a content-driven social network, which helps a person make choices based on yogic wisdom. Samir and Shivani are parents to two daughters, Jayati and Vedika. Their elder daughter, Jayati had a brief role in the 2013 film, Gippi.
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Apart from being an affluent businessman, Samir Modi is also a gold medalist in boxing. He may delve into multiple businesses throughout his life, but the sport has taught him many important lessons. In a conversation with ETPanache, Samir Modi talked about the lesson he learnt in the ring and stated:
“I had a knife pulled against my back once. It was a mugging incident in the streets of New York. I turned around and pushed the guy, he chased me down Broadway, with a knife in hand, in broad daylight. This was way back in 1986. In those days, the city was notorious. Some people say it (boxing) is a ruthless sport. What do you do but just hit each other. But life is ruthless. In life, everyone has punches thrown at them. So you need to learn to take them as well as give them back.”
In a tragic turn of events, Samir Modi challenged his mother, Bina Modi, handling the Rs. 11,000 crore worth of inheritance after the death of his father, K.K. Modi, in 2019. He also accused his mother of taking control of Godfrey Phillips and withholding funds. As per sources familiar with the trust deed, K.K. Modi had divided the inheritance of his wealth equally among his wife, Bina Modi and their three children, Charu Modi, Lalit Modi and Samir Modi. In the event of Bina Modi’s death, her inheritance would be equally distributed to their children.
Earlier, Samir tweeted that he gave up his inheritance rights and signed the trust deed as a mark of respect towards his late father, K.K. Modi. But his mother has broken his trust as greed took over her. His tweet could be read as:
“I signed the trust deed and gave up my inheritance rights because my father wanted to protect them. I never ever imagined that my mother would abuse this wish and put me on the road. It's truly broken me and my faith in her. Can't imagine what money and greed has done to her."
As per the Economic Times, Samir Modi stated that Bina Modi has not adhered to the terms of the trust deed executed by K.K. Modi. And now, Samir sought the implementation of the trust deed and aims for a family settlement. The inheritance includes the Modi family’s nearly 50% shareholding in listed Godfrey Phillips, worth well over Rs 5,500 crore at current market prices, and shares in other Modi group firms such as cosmetics, retail and direct selling.
Samir Modi was born with a silver spoon, but he carved his own path to success with his hard work and dedication.
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