The Delhi High Court on Thursday rejected the Ruchir Modi’s plea seeking to restrain his grandmother Bina Modi from voting at the 87th AGM of Godfrey Philips scheduled for September 6 at 2.30 pm.
However, Justice Naveen Chawla said that Bina must file an affidavit on half-yearly basis the amount of renumeration and other benefits she received from the company as the MD.
The judge also said in case the direction is passed that at any stage of the suit that her appointment as MD in the company was not right, she shall tender her resignation immediately and would not claim any equity. This shall also be informed in the AGM which is scheduled to be held tomorrow, according to the HC.
Ruchir Modi had alleged that Bina was trying to vote for herself on behalf of the KK Modi Trust for becoming the MD for the next 5 years. He said that this was not only contrary to the trust deed but also a clear conflict of interest, which is illegal and not permissible.
