In a latest development of their ongoing family feud, Samir Modi, the founder-president of 24Seven retail chain, has demanded a whopping sum of Rs389.6 crore from tobacco manufacturing company Godfrey Phillips India (GPI) as royalty payment for using the brand name of 24Seven. The demand has put a wrench in GPI's plan of selling 24Seven to exit from the loss-making retail business. The demand includes interest charges and is defended by Samir as a rightful payment for using the intellectual property rights of 24Seven, a brand that is entirely owned by him and has 154 stores across Delhi-NCR, Chandigarh, Punjab, Haryana, and Hyderabad.
Samir Modi's Royalty Dispute with Godfrey Phillips India: A Family Feud Escalates
Background: Samir Modi, founder-president of the 24Seven retail chain, and Godfrey Phillips India (GPI), a tobacco manufacturing company, have been embroiled in a protracted family feud. The dispute stems from the ownership of the 24Seven brand, which was acquired by GPI in 2012.
Current Dispute: In a recent development, Samir Modi has demanded Rs389.6 crore from GPI as royalty payment for using the 24Seven brand name. The demand covers interest charges and is based on Modi's claim that he owns the intellectual property rights to the brand. This has thrown a spanner in GPI's plans to sell the 24Seven chain to exit the loss-making retail business.
Past Events: The family feud between Modi and GPI has a long and complex history. In 2012, GPI acquired a majority stake in 24Seven from Modi, who remained as president. However, the relationship between the two parties deteriorated, and in 2019, Modi was removed as president.
Top 5 FAQs:
Who owns the 24Seven brand? Samir Modi claims to own the intellectual property rights to the 24Seven brand, while GPI maintains that they acquired the brand in 2012.
Why is Samir Modi demanding royalty payments? Modi believes that GPI owes him payment for using the 24Seven brand name, which he claims is entirely owned by him.
How much money is Samir Modi demanding? Modi is demanding Rs389.6 crore, including interest charges.
What is GPI's response to the demand? GPI has not officially commented on the demand but has indicated that they will defend their position.
What is the impact on GPI's plans to sell 24Seven? The royalty demand has put a significant obstacle in GPI's plans to sell the 24Seven chain, as it increases the potential liabilities associated with the sale.
Outlook: The dispute between Samir Modi and Godfrey Phillips India is expected to continue in the courts. The outcome of the legal proceedings will determine the ownership and future of the 24Seven retail chain.
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