
Delhi's Saket court summons Samir Kumar Modi in Godfrey Phillips defamation case
Additional sessions judge Sheetal Chaudhary Pradhan set aside the trial court's 19 May order dismissing the complaint and directed the lower court to proceed with summoning Modi.
'Considering the aforesaid appreciation of the facts and circumstances of this case and also the case laws, the impugned order dated 19.05.2025 passed by the learned trial court stands set aside. The present revision petition stands allowed… the trial court is directed to summon the accused/respondent and proceed further as per law," the court said in its order, a copy of which was seen by Mint.
Boardroom clash
The dispute stems from a boardroom clash at GPI in May 2024, during which Modi alleged he was assaulted. Independent directors Atul Kumar Gupta and Nirmala Bagri accuse him of defaming them by publicly claiming they had consented to the alleged assault. The other independent directors are Lalit Bhasin, Ajay Vohra, Avtar Singh Monga, Sumant Bharadwaj, and Subramanian Lakshminarayanan.
Also Read: Supreme Court stays ₹273.5 crore GST notice against Patanjali Ayurved
Modi, the youngest of three children of the late business tycoon K.K. Modi—and brother to former IPL chief Lalit Modi and sister Charu Modi—was removed from the board on 7 August 2024. GPI is a key player in India's tobacco market and partners with Marlboro-maker Philip Morris.
Lalit Samir have differed with mother Bina Modi, who heads the board of Godfrey Phillips.
Samir was removed from the board of the company last year while Bina Modi was re-elected as the chairman and managing director of the company.
Samir had accused the board members of colluding to arrange an assault on him as he was trying to attend a key board meeting in May last year.
Defamation case
According to the complaint, the events unfolded on 30 May 2024 when an audit committee meeting was underway ahead of a scheduled board meeting. Modi, then an executive director but not a member of the committee, allegedly got into a heated argument with a security officer outside the meeting room.
To avoid disruption, senior board members invited him in, where he allegedly shouted angrily and banged folders on the table. Despite the incident, the meeting concluded, and Modi later participated in the board meeting without signs of injury.
Later On 1 June 2024, The Economic Times published an interview in which Modi alleged that the complainants and other board members orchestrated a 'planned attack" to stop him from attending the meeting.
Also Read: A Wikipedia note, a customs case, and Paytm's big win
The directors deny the charge, citing CCTV footage showing Modi as the aggressor, and claim the remarks were false, scandalous, and intended to damage their reputations.
They say that Smir Modi's statements created a false impression that they condoned or arranged an assault, causing them social, professional, and reputational harm prompting them to approach the court.
The defamation complaint under Sections 499 and 500 of the Indian Penal Code was filed in November 2024.
The trial court dismissed it in May 2025, prompting the directors to seek revision before the sessions court.
Sessions Court's Findings
The sessions court noted that the Economic Times interview contained allegations harmful to the complainants, who were easily identifiable as public figures and board members of a well-known company.
The complainants had submitted the article with a Section 65B certificate and named the reporter as a witness. The court further observed that defamation can be directed at identifiable groups, such as a company's board members. It ruled that the trial court had erred by assuming the existence of other litigation was sufficient grounds for dismissal and by denying the complainants the opportunity to present their witnesses.
Also Read: States race to woo EV makers with land sops and tax breaks as Centre eases off
Section 65B allows electronic records—such as emails, scanned copies, or web pages—to be accepted as evidence in court, provided they come with a certificate confirming their authenticity and how they were produced.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mint
11 minutes ago
- Mint
India's IPO power shift: Domestic funds take charge as FPIs retreat
MUMBAI : India's booming market for initial public offerings is undergoing a decisive shift, with domestic institutional investors such as mutual funds, insurance companies, and banks establishing dominance over foreign players in underwriting new share sales. Data from the past 24 months show DIIs are now responsible for at least 50% of the subscriptions in an IPO's anchor book—allocations made to select large investors at a fixed price before an offering opens, helping gauge demand and stabilize the deal. That marks a sharp break from the days when foreign portfolio investors were the primary anchors in Indian IPOs. While global uncertainties have spooked FPIs, India's deepening capital markets have enabled midsize and large IPOs sail through with strong institutional and retail participation, making new share offerings less susceptible to wider macroeconomic shifts. FPIs have turned net sellers in India, offloading shares worth $31 billion ( ₹2.7 trillion) from October to July, while DIIs purchased shares worth ₹6.65 trillion. When it comes to IPOs larger than ₹1,500 crore, the participation of FIIs and DIIs remains broadly even. 'There is a balanced mix between DIIs and FIIs as we see it in most large IPOs. However, there is one clear trend where domestic investors, backed by the record inflows into mutual funds, are increasingly positive on the domestic stories," said Arvind Vashistha, India head of equity capital markets at Citi. 'In many instances, DIIs lead the price-setting in IPOs, and given the depth of the local market, it is giving a lot of comfort to issuers that at the right price and size, IPOs are doable." Reversing the order A Mint analysis of anchor investor allocations since 2019 reveals how domestic institutions investors gradually overtook foreign portfolio investors in IPO anchor books. In 2019, while FPIs contributed ₹2,624 crore, DIIs put in ₹1,475 crore. Two years later, FPI allocations surged to ₹29,030 crore, but domestic institutions narrowed the gap significantly with ₹16,433 crore. The reversal came in 2022, when FPI anchor investments dropped to ₹7,105 crore and DIIs stepped up with ₹10,903 crore. In 2024, the divergence became more pronounced—FPIs subscribed ₹26,122 crore, while DIIs outpaced them with ₹29,254 crore in anchor allotments. So far this year, through 7 August, the pattern has held. Of the ₹61,499 crore raised through 37 IPOs, FPIs accounted for ₹8,913 crore in anchor investments and DIIs for ₹10,306 crore. Mutual funds alone accounted for ₹7,920 crore. The growing dominance of mutual funds The broader reversal in IPO allocations mirrors the secondary market, where DIIs—dominated by mutual funds—are closing in on FPIs' share. In the secondary market, investors buy shares from existing holders, and the money goes to the seller, not the company. This reversal in favour of domestic institutions is likely to persist, with mutual funds—which currently account for 10.5-11% of the secondary market versus FPIs' 17%—expected to overtake foreign investors in the coming years, said Pranav Haldea, managing director of Prime Database Group. 'Mutual funds now play a key role in IPO pricing, leveraging their size. Participation in the anchor book allows them to deploy large, regular inflows into fresh paper at pre-decided prices rather than only chasing limited supply in already listed stocks," he said. Prakash Bulusu, joint chief executive, private wealth and securities, IIFL Capital Services Ltd, added that the growing dominance of DIIs in IPO anchor books represented a structural shift rather than a cyclical blip. 'Over the past two years, strong domestic liquidity—driven by record mutual fund inflows, expanding insurance penetration, and deepening participation of pension funds—has significantly reduced the market's dependence on foreign capital," he said. 'Regulatory initiatives, stable macro fundamentals, and the consistent outperformance of Indian equities have further bolstered domestic conviction in primary issuances." Global investors, on the other hand, have turned more selective due to shifting global risk appetites, higher interest rates in developed markets, and an abundance of opportunities at home," Bulusu added. 'While we may see tactical spurts in FPI participation during phases of global liquidity easing, the underlying trend is unlikely to reverse meaningfully in the medium term. India's IPO market is now anchored—quite literally—by domestic pools of patient capital, which is a positive for long-term market stability and resilience."


Time of India
24 minutes ago
- Time of India
PM: 1st Made-in-India semiconductor chips by December
PM Narendra Modi NEW DELHI: Emphasising self-reliance as the bedrock of national strength, PM Modi on Friday announced a broad contour of initiatives that will focus on making India secure in different sectors including energy, semiconductor chip manufacturing, critical minerals, digital infrastructure, medicines and fertilisers. He shared that the first 'Made in India' semiconductor chips will come to the market by Dec. "The greater a nation's reliance on others, the more its freedom comes into question. Misfortune arises when depe-ndency becomes a habit, when we do not even realise when we abandon self-reliance and become dependent on others," said Modi, citing an example of a semiconductor idea that came to the table 60 years ago but was "stalled, delayed and shelved". "We lost 50-60 years. Many countries mastered semiconductors and establis-hed their strength," he said. Modi also announced the launch of National Deepwater Exploration Mission to look for oil and gas reserves in the sea and tap ocean resources. The efforts, termed 'Samudra Manthan' by the PM, will go on simultaneously with the push for non-fossil fuel energy. It will complement the Deep Ocean Mission, which involves development of submersibles and deep-sea mining technologies. Modi also announced that India's nuclear energy capacity would increase ten times by 2047. He said work was under way on 10 new reactors. He spoke about National Critical Mineral Mission that aims to secure resources essential for energy, industry, and defence. He stressed the urgent need to produce fertilisers to empower farmers and protect national food security. Highlighting India's strength as the "pharmacy of the world", Modi emphasised the need to invest in research and development. "Shouldn't we be the ones providing the best and most affordable medicines for the welfare of humanity?" he said.


Time of India
39 minutes ago
- Time of India
Need desi social media platforms to secure digital sovereignty: PM
PM Narendra Modi NEW DELHI Emphasising on the need to have digital sovereignty, PM Modi on Friday called on the youth to develop India's own social media platforms, like Facebook, Instagram and X, to ensure that the country's technological ecosystems remain secure and independent, reinforcing digital autonomy. "From operating systems to cybersecurity, from deep tech to artificial intelligence, everything should be our own," Modi said while addressing the nation on its 79th I-Day. Citing the success of India's UPI platform, he said, "Our UPI platform is surprising the world today. We have the capability. India alone is doing 50% of real-time transactions through UPI. This means power." "I challenge the youth of my country, come, why don't we have our own platforms? Why should we depend on others? Why should India's wealth go out?" the PM said. His remarks come at a time when there has been a long-standing demand for creating the country's own operating system and social media platforms as it is paramount for any sovereign country to keep its data and communication system secure, the way other countries do it. TNN