Samir Modi's Message To Godfrey Phillips Shareholders: I Am Pro-Shareholder

Godfrey Phillips shares dropped 5% following reports of the company finalizing the sale of its 24Seven retail business to the start-up New Shop. The transaction is set to be completed by the end of September. In an exclusive interview with Business Today TV Managing Editor Siddharth Zarabi, Samir Modi, Executive Director of Godfrey Phillips, expressed his concern about the sale and the broader direction of the company. Samir Modi highlighted that he is pro-shareholder and that his primary concern is the company's long-term value and growth. He questioned why the company, with over ₹3,000 crores in reserves and no expansion plans, is not distributing these funds to shareholders. Modi emphasized his track record of building successful businesses, including launching a top brand for Godfrey Phillips within just 55 days. He criticized the decision to shut down 24Seven, noting that the market reacted negatively to the news and argued that shareholders were cheated by this move. Modi pointed out that while brands take a long time to build, they can quickly lose value if not properly managed, a concern he believes should worry shareholders.