Shareholders accepted Samir Modi’s ouster from Godfrey Philip Board within the firm’s annual basic assembly held on September 5. The emptiness attributable to retirement by rotation of Samir Kumaar Modi, be not stuffed up in the meanwhile, the corporate mentioned in a disclosure to the exchanges.
The shareholders additionally reappointed Bina Modi as Managing Director and appointed her daughter Charu Modi as an Govt Director, in line with the assertion.
On the eve of the essential assembly, group matriarch and Chairperson and Managing Director (CMD) Bina Modi acquired a shot within the arm with Delhi Excessive Courtroom permitting her to forged a vote on the behalf of the KK Modi household belief on the AGM. The Excessive Courtroom additionally dismissed pleas by Samir and Ruchir Modi to cease Bina from voting on the AGM.
The belief has practically 47.5 % stake within the firm, with companion, world large Philip Morris Worldwide holding simply over 25 % stake. Nonetheless, the precise to nominate the MD vests solely with the Modi promoter block.
Samir Modi, former Govt Director of the KK Modi Group’s flagship firm was proposed to be ousted by the opposing camp led by his mom Bina Modi. A decision looking for his removing for his total conduct throughout board conferences and outdoors was being voted on by shareholders.
Bonus shares and dividend
Shares of Godfrey Phillips India Ltd rose sharply in Friday’s commerce to scale their all-time excessive stage. Regardless of a deep correction in home benchmarks, the inventory jumped 14.50 per cent to hit a report excessive of Rs 7,320.
At present’s uptick within the share value got here after the corporate’s board mentioned it is going to meet on September 20 to contemplate and approve a bonus situation of shares within the ratio of two:1. If accepted, buyers will get 2 further shares for each share they maintain.
“The Board of Administrators is scheduled to be held on September 20 to contemplate and suggest to the shareholders for his or her approval, situation of bonus shares within the ratio of two:1 i.e. 2 (Two) new absolutely paid-up Fairness Shares of Rs 2 every for each 1 (One) current absolutely paid-up Fairness Share of Rs 2 every, to the Fairness Shareholders of the Firm by capitalisation of reserves,” it acknowledged in an trade submitting.
Moreover, the AGM additionally accepted the declaration of dividend on the charge of Rs 56 per share on fairness shares for the yr ended March 31, 2024.