Nawaz Modi Singhania ousted from three Raymond group firms' boards

Nawaz Modi Singhania ousted from three Raymond group firms’ boards

Nawaz Modi Singhania has been ousted from the board of JK Investors, Smart Advisory-Finserve and Raymond Consumer Care amid an ongoing conflict with her estranged husband Gautam Singhania, the managing director and chairman of Raymond Group, CNBC-TV18 reported.

Nawaz Modi attended an extraordinary general meeting of JK Investors and Smart Advisory-Finserve at Raymond’s south Mumbai office on April 25.

She stated that the meeting was convened to remove her as promoter, and major shareholder Gautam Singhania lost confidence in her, the report said.

Nawaz Modi said that she attended the board meeting of JK Investors and Smart Advisory-Finserve and personally made her case. The boards voted her out despite “no black marks on her report”, she was cited as saying in the report.

She was denied permission to attend the meeting of Raymond Consumer Care being held in Aurangabad through video conference, teh report said. Later, the board removed her from the company, it added.

Last year, the couple announced their separation after a relationship spanning 32 years. Nawaz Modi Singhania, who is a professional fitness coach by profession, married Gautam Singhania in 1999 after dating for eight years. The couple have two daughters.

Nawaz Modi has also claimed 75 percent of the industrialist’s estimated $1.4 billion wealth for their two daughters and herself as part of a family settlement, according to an Economic Times report.

In March, Gautam Singhania, who is also at loggerheads with his father Vijaypat, shared a post on Instagram that suggested a reconciliation with him. “Happy to have my father at home today and seek his blessings.

“Wishing you good health Papa always,” he said, while adding a picture of him with his father.

The stock price of Raymond was trading at Rs 2,120, marginally higher by 0.08 percent on BSE on April 26.