Godfrey Phillips' Samir Modi: I Have 25 More Years To Lead, My Mother Is 80

#samirmodi #businesssplit #godfreyphillips #godfrey #business
The boardroom battle at Godfrey Phillips India between Bina Modi and her son Samir Modi is intensifying as the Annual General Meeting (AGM) approaches on September 6, a critical event that will determine the future of the company's leadership. Proxy advisory firms Institutional Investor Advisory Services (IiAS) and ISS have advised shareholders to vote against the reappointment of Bina Modi as Managing Director, citing concerns over her ability to commit sufficient time to her role and her remuneration, which they argue is not aligned with the company's size and operations. On the other hand, the Nomination and Remuneration Committee (NRC) of Godfrey Phillips has decided against the reappointment of Samir Modi to the board, questioning his conduct during board meetings and beyond, which the company claims violates his fiduciary duties as an Executive Director. In an exclusive interview, Samir Modi expressed frustration over the NRC’s decision, highlighting his long-standing service to the company since 1994. He questioned the reasons behind the NRC's decision, emphasizing his contributions to building successful brands like 'Focus' for GPIL and his extensive experience in the tobacco industry. Samir also noted that the decision not to recommend his reappointment was in contempt of a court order that required his name to be put forward by his mother, Bina Modi, to the NRC. Samir argued that the final decision rests with the shareholders at the upcoming AGM, where they will vote on whether to retain him on the board. He contrasted his years of experience and contributions to the company with his mother’s age and questioned why his long-standing service is now being dismissed as misconduct. The outcome of the AGM will be crucial in determining the leadership and future direction of Godfrey Phillips India.
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