Nawaz Modi-Singhania ousted from Raymond Group companies amid divorce dispute

Nawaz Modi-Singhania has been removed from the board of three privately held Raymond Group companies- JK Investors (JKI) (Bombay), Raymond Consumer Care (RCCL) and Smart Advisory and Finserv- through an EGM held on March 31, the companies said as per a report in the Economic Times. Nawaz Modi-Singhania had approached the board of two of these companies contesting the removal, the report added citing people in the know. Nawaz Modi-Singhania and Gautam Singhania are seen.

Nawaz Modi-Singhania and Raymond group chief Gautam Singhania have been locked in a bitter settlement dispute after the announcement of their divorce in November 2023. Nawaz Modi-Singhania was appointed director in JKI in June, 2015, in RCCL in December 2020 and Smart Advisory & Finserve in October, 2017.

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On her removal from the companies, she said as per the report, “I have been mistreated since the time I have been exposing Singhania over his misdeeds. First the assault, and now the ouster.”

A spokesperson JK Investors (Bombay) and Smart Advisory told Economic Times, “JK Investors (Bombay) and Smart Advisory are closely held companies. Their shareholders wrote to the companies that they have 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 Thursday. She has now been removed as director following the due process of the law.”