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"I have discussed this with my daughter and she and I are of the opinion that I should hand over the control of affairs of the LKM (Lalit Kumar Modi) family and its beneficial interest in the Trust to my son Ruchir Modi," the statement said.
In the letter, Mr Modi added that the members of the LKM Branch are the beneficiaries of the KK Modi Family Trust, and after the death of his wife, Minal Modi, his two children, Ruchir and Aliya are the beneficiaries.