Announced his retirement…
On Sunday, IPL former chairman and head of the Lalit Kumar Modi Branch (LKM Branch), Lalit Modi, on twitter announced his son, Ruchir Modi, as the successor of the LKM under the KK Modi Family Trust (KKMFT).
Mr. Modi said that this is a collective decision of me and my daughters.
"In light of what I have gone through, now it’s time to retire and move on and groom my kids. Now, I am handing them all this," he wrote in a tweet.
“Post demise of my wife Minal Modi, the LKM Branch of KKMFT comprises myself and my two children Ruchir Modi and Allya Modi only as the beneficiaries of KKMFT,” said Lalit Modi in a letter.
“The present litigation with my mother and my sister, is tedious, strenuous and has gone on for long, and even though there have been several rounds of discussion for settlement, there is no end. It has caused and continues to cause me immense distress.
I have discussed this with my daughter and we are on the decision that I should hand over control of the affairs of the LKM family and its beneficial interest in the Trust to my son Ruchir Modi” he further said.
A few days ago, Lalit Modi had revealed in a social media post that he is on 24x7 oxygen support after testing positive for Covid-19. He said that he contracted Covid twice in two weeks and has "severe pneumonia."
"After 3 weeks in confinement with a double Covid infection in 2 weeks, accompanied by influenza and pneumonia and trying several times to leave.
Finally, he landed by air ambulance accompanied by two doctors and superstar, super-efficient son, who did a lot for me," he wrote.
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