Three Privately Held Raymond Group Companies Remove Nawaz Modi-Singhania From Board; Will Raymond Follow Suit?
Three privately held companies within the Raymond Group, namely JK Investors (JKI) (based in Bombay), Raymond Consumer Care (RCCL), and Smart Advisory and Finserve, have confirmed the ousting of Nawaz Modi-Singhania from their respective boards. This decision was reached through an Extraordinary General Meeting (EGM) conducted on March 31, as per report on ET. Despite Modi-Singhania’s attempts to contest her removal from the boards of two of these companies, the decision remained unchanged.
Regarding the publicly listed entity, Raymond, there hasn’t been a formal proposal yet to remove her from its board. However, sources familiar with the situation suggest that such a proposal is likely to surface soon, ET said in its report.
This development unfolds amidst a contentious settlement dispute between Nawaz Modi-Singhania and her estranged husband, Gautam Singhania, who serves as the chief of the Raymond group. The discord escalated following the announcement of their divorce in November 2023.
Amid issues in his personal life, Raymond Chairman and Managing Director Gautam Singhania had earlier assured employees and board members that it is “business as usual” in the company and that he is fully committed to its smooth functioning.
In an internal mail to the employees and the board members of Raymond, Singhania, who announced separation from his wife Nawaz in November 2023, said he has chosen not to comment on the reports in media “about matters pertaining to my personal life”, saying “maintaining the dignity of my family is paramount to me”.
“However, I remain resolute as Chairman & Managing Director and am fully committed towards the smooth functioning of the company and its business. Even in these difficult times for me, I assure you that at Raymond, it is business as usual,” he asserted in his mail.
