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Business Standard

Triveni Turbine Ltd leads losers in 'A' group

Godfrey Phillips India Ltd, Inox Green Energy Services Ltd, BLS International Services Ltd and Prakash Industries Ltd are among the other losers in the BSE's 'A' group today, 17 September 2024.

Mint

Breakout stocks to buy or sell: BSE to Godfrey Phillips ? Sumeet Bagadia recommends five shares to buy today

Breakout stocks to buy or sell: Sumeet Bagadia has recommended five shares to buy today ? BSE, Kanoria Chemicals, Godfrey Phillips India, GM Breweries, and International Conveyors

The Economic Times

Metavisio-Thomson India to buy into New Shop after $150 million distribution deal

Metavisio-Thomson's India unit is acquiring a minority stake in New Shop, a convenience retail chain. The deal, valued at $125-$150 million, involves setting up 120 flagship stores in two and three-tier markets. New Shop is also acquiring the 24Seven grocery chain from Godfrey Phillips. The partnership aims to expand their product portfolio and presence across India.

The Economic Times

Retail business closure to focus on core cigarette biz: GPI Chairperson Bina Modi

Godfrey Phillips India Ltd Chairperson Bina Modi defended the decision to close its retail business '24Seven' to focus on core operations. The AGM addressed the non-filling of Samir Modi's vacancy and appointed Charu Modi as an executive director. Bina Modi's reappointment as MD was also discussed.

CNBC TV18

Godfrey Phillips AGM: Bina Modi reappointed as MD, Samir Modi ousted from board

Bina Modi has been reappointed as Managing Director of Godfrey Phillips India, with 86.64% shareholder support. The seat vacated by Samir Modi, following his ouster, will remain empty. The developments are part of a larger family dispute over control of the company.

The Economic Times

Godfrey Philips shareholders approve reappointment of Bina Modi as MD

Shareholders of Godfrey Phillips India have approved the re-appointment of Bina Modi as Managing Director with 86.6% votes. Her daughter Charu Modi was also appointed as an executive director. Samir Modi has retired from the board, and his vacancy will not be filled for now.

Business Standard

Bina Modi reappointed as Godfrey Phillips India MD; Charu Modi named ED

Bina Modi's daughter Charu Modi has been appointed as the Executive Director of the company with 87% approval

Business Standard

Retail business closure to focus on core cigarette biz: GPI Chairperson

Cigarette maker Godfrey Phillips India Ltd Chairperson, Bina Modi on Friday defended the company's decision to close its retail business '24Seven', the brainchild of her estranged son Samir Modi, saying it was done with a view to focus on its core business. At the annual general meeting of the company held on Friday, the special business of not filling up the vacancy 'for the time being' caused by retirement by rotation of Samir Modi was taken up along with the appointment of his sister Charu Modi as an executive director, among others for shareholders' approval. In her address to the shareholders, Bina Modi said, "this focus on our core business is in consonance with the 'Theory of Core Competency' propagated by the late global management guru Professor CK Prahalad. This strategy has also led us to the closure of our retail business 24Seven. At times we need to bite the bullet in the long-term interest of the company and shareholders." In July this year, Godfrey Phillips India (GPI

Mint

Godfrey Phillips India bonus issue: Board to consider bonus share issue on Sept 20; stock hit 12% upper circuit

Godfrey Phillips India Limited announced that the company's Board of Directors will meet on September 20 to discuss and consider a bonus issue of shares, according to the company's BSE filing. 

Business Standard

Godfrey Phillips hits record high on 2:1 bonus issue

Godfrey Phillips India surged 13.07% to Rs 7,228.85 after its board scheduled to meet on Friday, 20 September 2024 to consider the issue of 2 bonus equity shares for every 1 existing equity share (2:1) by capitalization of reserves.

CNBC TV18

Big win for Bina Modi in Godfrey Phillips dispute as Delhi HC clears path for AGM voting

The Delhi High Court has allowed Bina Modi to vote on behalf of her family's 48% stake in Godfrey Phillips at the upcoming AGM, dismissing Ruchir Modi's plea to bar her from voting on her reappointment as managing director. Shares of Godfrey Phillips India Ltd ended at ₹6,393.05, up by ₹27.25, or 0.43%, on the BSE.

The Economic Times

Glass Lewis recommends against reappointment of Bina Modi as MD of Godfrey Phillips

US-based proxy advisory firm Glass Lewis has recommended that shareholders of Godfrey Phillips India vote "against" the special resolution to reappoint Bina Modi as Managing Director, citing concerns about her remuneration and lack of performance conditions. Glass Lewis supports Samir Modi's continued board presence despite ongoing family and boardroom conflicts.

Business Standard

Glass Lewis opposes reappointment of Bina Modi as Godfrey Phillips MD

US-based proxy advisory firm Glass Lewis has advised the shareholders of Godfrey Phillips to vote "against" the special resolution seeking the reappointment of Bina Modi as Managing Director at the Annual General Meeting on September 6. Glass Lewis has backed Samir Modi's presence on the board. Godfrey Phillips India has scheduled its Annual General Meeting on September 6, 2024, in which it has put five ordinary resolutions and one special resolution for approval from its shareholders. As Bina Modi's remuneration exceeds the limits of Rs 5 crore or 2.5 per cent of the net profits of the company, Godfrey Phillips requires a special resolution, which has to be passed from a super majority of 75 per cent of the total votes polled. Opposing the special resolution, Glass Lewis observed there are "no defined performance conditions for the payment of commission" to Bina Modi and her "appointment is as combined chairman and managing director". "Given our concerns, we do not believe ...

The Economic Times

Samir, Lalit Modi question mother's use of voting rights

Samir and Lalit Modi have raised concerns over mother Bina Modi's potential influence through shareholder voting rights at Godfrey Phillips India Ltd due to her control over KK Modi Investment and Financial Services,. This has created a conflict over her reappointment to the company's board amidst a bitter family inheritance dispute. The brothers suspect their mother of misusing her voting rights, leading to legal actions and a looming decision at the upcoming annual general meeting.