Former IPL Chairman Lalit Modi tendered his resignation as Head of the Branch and Beneficiary of the KK Modi Family trust, 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, Modi said that after discussing with his son and daughter, he is 'foregoing his beneficial interest, vested at present as well as any that may vest in the future in favour of his son Ruchir'.
Modi who has been involved in a legal tussle against his mother Bina Modi and sister Charu over a property dispute in the family, also announced his son as the head of his branch of the family."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," he said in a statement shared on Instagram. 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," the statement said. Citing a clause in the KK Modi Family Trust (KKMFT) deed, he 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."