Lalit Modi resigns from KK Modi Family Trust, names son as successor

Lalit Modi, former IPL Chairman and member of the Modi family trust, named his son Ruchir Modi as the successor of the Lalit Kumar Modi (LKM) Branch of the KK Modi Family Trust today (KKMFT).

Modi shared a letter on Twitter and stated, "In the light of what I've gone through, it's time to retire and move on and groom my kids. I am handling them all."

In his letter, Modi stated that the beneficiaries of the KK Modi Family Trust are the members of the LKM Branch and his two children, Ruchir and Aliya, after the passing of his wife, Minal Modi.

According to Modi, the choice to nominate his son Ruchir was made after talking with his daughter and taking into account his ongoing legal battle with his mother and sister.

In response to his legal dispute, the former IPL Chairman stated, "It is tedious, strenuous and has gone for long and even though there have been several rounds of discussion for settlement, there is no end in sight. It has caused and continues to cause me immense distress."

He informed the Supreme Court last year that the long-running mediation attempt to resolve his property dispute had been unsuccessful.

In a recent update on his health, Modi stated, "After three weeks in confinement with a double covid in two weeks, accompanied by influenza and deep pneumonia...Unfortunately, still on 27/7 external oxygen."

Watch: Lalit Modi names son as successor: All you need to know about Ruchir Modi