Godfrey Philips denies promoters selling stake, Lalit Modi slams company as 'blatant liars'

Cigarette maker Godfrey Phillips on Tuesday denied reports that its promoter KK Modi group was planning to sale its stake in the company evoking a strong rebuttal from Lalit Modi, who called the company "blatant liars".

In a regulatory filing, Godfrey Phillips clarified that it is neither engaged nor privy to any such discussions on "rumoured potential transaction by its promoters".

"The company has also received a clarification from its significant promoter that there has been no decision to put its assets on sale," it said.

Reacting to the company's denial, Modi, who is abroad, tweeted, "All I can say is they are blatant liars."
"We did not reach unanimous decision. So, as per trust deed sale was triggered. I was asked to give them 30 days time to make me a proposal. I said sale goes on and if u (sic) convince me. Then we can meet to cancel."
He had on Monday evening tweeted, "Just to set the record straight. Yes, all assets of the #kkmodi group are going on sale. I mean all. The other 3 trustees wanted to continue running the business but I felt post my father passing away -- the value will deplete. I voted for sale."