Former IPL chairman Lalit Modi resigns from KK Modi Family trust, names son Ruchir Modi as successor

Lalit Modi has decided to name his son, Ruchir as his successor of the LKM branch, who would handle all its affairs. Lalit Modi said in the letter that he took the decision to name his son as his successor after discussions with his daughter Aliya Modi.

Former Board of Control for Cricket in India (BCCI) vice-president and former Indian Premier League (IPL) chairman Lalit Modi on Sunday (January 15) announced that his son Ruchir Modi would succeed him as head of Lalit Kumar Modi (LKM) branch of the KK Modi Family Trust. He also announced his resignation as head of LKM branch and beneficiary of the KK Modi Family Trust.

Modi in a letter to members of the KK Modi Family Trust, namely Bina Modi, Charu Modi and Samir Modi, said that the ongoing litigation between him and his mother and sister have been going on for too long and caused a lot of distress to him, despite several rounds of negotiations for settlement.

As a result, he has decided to name his son, Ruchir as his successor of the LKM branch, who would handle all its affairs. Lalit Modi said in the letter that he took the decision to name his son as his successor after discussions with his daughter Aliya Modi.

In a separate letter, he also announced his resignation as the head of LKM branch and beneficiary of KK Modi Family Trust. The move by the businessman has come after he was recently hospitalised and placed on oxygen support after suffering from COVID-19.

“In light of what I have gone thru, it’s time to retire and move on. And groom my kids. I am handing them all,” Modi tweeted later.

Lalit Modi, the former IPL chairman and founder, is currently on 24x7 external oxygen support as he contracted double bouts of Covid in a span of two weeks ‘accompanied by influenza and deep pneumonia’. On Friday, Lalit took to Instagram and spoke about his condition, revealing he was in Mexico, when he got the infection and has now arrived in London via air ambulance.

“After 3 weeks in confinement with a double COVID-19 in 2 weeks accompanied by influenza and deep pneumonia – and post trying several times to leave. Finally landed via air ambulance accompanied by two doctors and superstar super-efficient son who did so much for me back in London. The flight was smooth. Unfortunately still on 24/7 external oxygen. Thank u to all at @vistajet for going the extra mile. I am extremely grateful to all. Love to all. Big hug,” Lalit shared.

(with Agency inputs)