NEW DELHI: The Delhi High Court on Thursday authorised Bina Modi, chairperson and MD of the Godfrey Group, to cast votes on behalf of family trust during the upcoming annual general meeting (AGM).
The family trust, controls 47.5% of the company, is a major stakeholder compared to global partner Philip Morris International’s 25% share.
The court dismissed objections from Ruchir Modi, who sought to bar Bina Modi from voting. Justice Navin Chawla said he finds no merit in the application. The court observed at this stage the plaintiff (Ruchir Modi) has failed to establish a prima facie case and show as how the appointment of Bina Modi as MD of GPIL would cause irreparable loss to him.
“It is directed that defendant no.1 (Bina Modi) shall, on a half yearly basis, file an affidavit disclosing remuneration and other benefits received by her in her position as a MD of GPIL. In case a direction is passed, at any stage of this suit that her appointment was against the terms of Trust Deed or Trust Act, she shall tender resignation from the said position and not claim any equity because of the dismissal of present application.”
The court said any observations in the order are prima facie in nature and confined only to the present application and shall not in any manner prejudice either of the parties in the adjudication of the other applications or the suit.