NEW DELHI: Controversial cricket administrator and former IPL chairman Lalit Modi on Sunday announced that his son Ruchir Modi would succeed him as head of Lalit Kumar Modi (LKM) branch of the K.K. Modi Family Trust.
He also announced his resignation as head of LKM branch and beneficiary of the K.K. Modi Family Trust.
Modi in a letter to members of the K.K. 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.
Thus 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 K.K. 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.