Godfrey Phillips appoints Ruchir Modi as addl director

Cigarette maker Godfrey Phillips India today said Ruchir Kumar Modi, son of former IPL Chairman Lalit Modi, has been appointed as an additional director of the company.
The board of the company has cleared Ruchir's appointment is with effective from March 19, 2016, Godfrey Phillips said in a BSE filing.
In November last year, Ruchir had received 2,000 shares in the company, amounting to 0.0038 per cent from his father as a gift.
As of the quarter ended December 31, 2015, promoter Modi family group owns 43.50 per cent stake in the company, while Philip Morris Global Brands Inc owns 25.10 per cent stake.

Lalit Modi is currently facing investigation by the enforcement directorate over alleged financial irregularities while hosting IPL tournament. He is currently residing in the UK.