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."
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