Nawaz Modi sees ouster from Board Director position of 3 Raymond Cos as Gautam Singhania's misdoing

Three companies privately held by Raymond Group, which include JK Investors (Bombay), Raymond Consumer Care and Smart Advisory and Finserve have removed Nawaz Modi-Singhania from its Board, with the final ouster having resulted from an Extraordinary General Meeting (EGM) that took place on March 31. 

Modi-Singhania is said to have reached out to two boards, out of the three companies and has shown her dissent over the ouster.  

Notably, Raymond, heavy-weight of conglomerate and its listed entity, is yet to put forth any proposal that paves the way for her ouster, media reports have said. 

In the backdrop of Nawaz Modi-Singhania's way out of the three boards lies a settlement dispute with her estranged husband Gautam Singhania, following their divorce announcement. In November 2023, the now warring couple had announced their separation. 

Timeline and contentions

As per the company records, Modi-Singhania was appointed JKI's Director in June,2015. Almost five years later in December 2020, Modi-Singhania saw her inclusion in the Board of RCCL. The decks were cleared for her entry into Smart Advisory & Finserv in October, 2017. 

As per reports, Modi-Singhania faced the Board of Smart Advisory and Finserv and Raymond Consumer Care. Speaking with mediapersons minutes before she stepped into the Raymond office on Thursday, she said Singhania's mistreatment with her was due to the Raymond Group chief being exposed by her, added Modi-Singhania. "There is no black mark on my report. The reasons for which a director can be removed are not applicable," she added.

Family feud

Gautam Singhania has been in the news for the wrong reasons since the last over six years, ever since his feud with his father Vijaypat Singhania, who transformed the clothing company into a billion-dollar firm. The rift between the two started after Singhania Senior was allegedly sacked as the Chairman of the company and denied a flat in the Singhania family's 36-storey JK House in Mumbai's Breach Candy. Reports say that the flat was in the agreement made before Vijaypat handed over a 37 per cent stake in his company to his son in 2015, and two years later, dragged his son to court for a violation.