Nawaz Modi Removed from Raymond Group Boards Amidst Divorce Settlement Dispute
Three privately held Raymond Group companies - JK Investors (Bombay), Raymond Consumer Care, and Smart Advisory and Finserve - have removed Nawaz Modi, the estranged wife of group chairman and MD Gautam Singhania, from their boards. This comes amidst a bitter settlement dispute following their divorce.
The couple announced their separation in November 2023. While the listed entity Raymond is yet to propose her removal, Modi alleges that Singhania is attempting to exert influence over the decision. She claims these are his "Bhindi bazaar" tactics, as even his father calls it, of strong-arming people to get them out.
Modi has challenged her ouster from the boards, stating that invalid grounds were used to justify the move. She questions whether the major shareholder promotor has lost confidence in her ability to do her job and fulfill her duties. She believes he has lost confidence because she is calling him out and intends to detail these points further.
Nawaz Modi, who had demanded 75% of Gautam Singhania's total net worth as part of the divorce settlement, now wants her daughters to receive 25%. She claims her father-in-law, Dr. Vijaypat Singhania, believes she should get 50% of his wealth while Gautam keeps the other 50%. However, she wants 25% for her daughters, Niharika and Nysa.
Explaining the reason for their estrangement, Nawaz Modi states that things became problematic when she became a 'whistleblower' and started calling out Gautam's 'misdeeds' and 'mismanagement' in running the company. She claims he uses the company as his personal fiefdom and that their personal problems arose because she was already aware of his wrongdoings and was calling them out.