Nawaz Modi Singhania removed from the board of three Raymond Group companies

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The battle between Raymond Managing Director and Chairman of Raymond Group Gautam Singhania and his wife Nawaz Modi Singhania has now reached the board room.

Nawaz Modi Singhania who was a board director of JK Investors, Smart advisory-finserve and Raymond Consumer Care Ltd (RCCL), has now been removed from her position in these three companies.

Nawaz Modi Singhania reached Raymond’s South Mumbai office on Thursday morning (April 25). Nawaz said she was there to attend extraordinary general meetings of JK Investors and Smart advisory-finserve.

Nawaz Modi Singhania told CNBC-TV 18, “I was on the board of JK Investors, Raymond Consumer Care Ltd and Smart advisory-finserve companies. Today’s meeting’s agenda was to remove me from the board as the promoter and major shareholder Gautam Singhania has lost confidence in me.”

Also Read: Gautam Singhania-Nawaz Modi tussle engulfs Raymond: Should the board step in?

Nawaz Modi Singhania claims that the reason cited by board members is not enough to remove as a director. She told CNBC-TV 18, “There is no black mark on my report. Reasons for which a director can be removed aren’t applicable to me.”

The meetings for JK Investors and Smart advisory-finserve were held in Mumbai. Nawaz physically attended these meetings and claims that she made her case to the board members.

But the majority of members voted against her. The meeting for Raymond Consumer Care happened in Aurangabad. Nawaz claimed that her request to attend the meeting online was denied. Later in the evening, she was removed from the board of RCCL as well.

In response to CNBC-TV18‘s queries, JK Investors and Smart advisory-finserve spokesperson said, “JK Investors Bombay and Smart Advisory are closely held companies. Their shareholders wrote to the companies that they had lost confidence in Nawaz Modi Singhania as a Director and requested to convene a shareholder meeting to remove her from the boards.

The boards of these companies (including Mrs Singhania) met on March 31 and convened shareholders’ meetings for today. She has now been removed as Director following the due process of the law.”

For RCCL, its spokesperson said, “The company recently received a notice from a significant shareholder requesting it to convene a meeting of shareholders to remove Nawaz Modi Singhania as a director of the company. The board (including Mrs Singhania) met on 31 March and unanimously convened a physical shareholders’ meeting today. Mrs Singhania has now been removed as a Director on the Board of Raymond Consumer Care following the due process under the law.”

Also Read: Estranged wife accuses Raymond’s Gautam Singhania of threatening and spying

In the meantime, Nawaz Modi Singhania maintains that the divorce negotiations between her and her husband Gautam Singhania have not made any progress. Nawaz Modi Singhania said, “Gautam initially agreed to give 75% of his personal wealth to me and his daughters. But it was all a ruse. He doesn’t intend to do that at all.”

Last year Nawaz Modi Singhania accused her husband Gautam Singhania of assaulting her.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow