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

Nawaz Modi-Singhania, estranged wife of Raymond Group chairman Gautam Singhania, has been removed from the boards of three privately held Raymond Group companies. This development comes amidst a bitter ongoing divorce settlement dispute between the couple, which became public in November 2023.

Ousted from JKI, RCCL, and Smart Advisory & Finserv

According to a report in the Economic Times, Nawaz Modi-Singhania was removed from the boards of JK Investors (JKI) (Bombay), Raymond Consumer Care (RCCL), and Smart Advisory and Finserv through Extraordinary General Meetings (EGMs) held on March 31, 2024. The report added that she had previously contested the removal with the boards of two of these companies.

Previously, Nawaz Modi-Singhania held director positions:

• June 2015: Appointed Director at JK Investors (JKI)

• December 2020: Joined the board of Raymond Consumer Care (RCCL)

• October 2017: Became Director at Smart Advisory and Finserv

Allegations of Mistreatment and Assault

Reacting to her removal, Nawaz Modi-Singhania reportedly stated, "I have been mistreated since the time I have been exposing Singhania over his misdeeds. First the assault, and now the ouster." These comments reference earlier allegations she made public during the divorce proceedings.

Raymond Group Responds

A spokesperson representing both JK Investors (Bombay) and Smart Advisory clarified the situation to the Economic Times. They stated, "JK Investors (Bombay) and Smart Advisory are closely held companies. Their shareholders wrote to the companies that they 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."

About Raymond Group

Raymond Group: A Legacy of Textiles and Diversification

The Raymond Group, established in 1925, is a prominent Indian conglomerate with a rich history in textiles and a presence across diverse sectors. Here's a closer look at this multifaceted group, including its founder's vision.

Raymond Group Textile Legacy and a Visionary Founder:

• Founded as a woollen mill by L.K. Singhania, the Raymond Group has grown to become the world's largest integrated textile company under the leadership of generations of the Singhania family.

• Renowned for its high-quality fabrics, particularly wool and wool-blended suiting materials, Raymond is a trusted brand for apparel across India and beyond.

Raymond Group Beyond Textiles:

• The Raymond Group has strategically diversified its portfolio over the years, building upon L.K. Singhania's vision of a multi-faceted company.

• Today, it holds interests in various sectors like:

  • Consumer Care: Offering products like cosmetics and toiletries.

  • Realty: Developing residential and commercial projects under Raymond Realty.

  • Engineering: Manufacturing high-performance engineering products.

  • Retail: Owning a vast network of exclusive Raymond retail stores across India.

Raymond  Brand Power:

• The Raymond brand remains synonymous with quality and sophistication, particularly in the realm of menswear.

• The Raymond Shop (TRS): A chain of over 700 retail stores across India and internationally showcasing Raymond apparel brands alongside other labels.

• Apparel Brands: Owns and manages popular apparel brands catering to diverse segments, including:

  • Raymond

  • Raymond Premium Apparel

  • Raymond Made to Measure

  • ColorPlus

  • Ethnix

  • Park Avenue Woman

  • Kamasutra

  • Parx

Raymond Global Presence:

• Raymond exports its textile products to over 60 countries worldwide, including the USA, Canada, Europe, Japan, and the Middle East.

Social Responsibility:

• The Raymond Group actively engages in social welfare initiatives, contributing to areas like education, cattle breeding, and tailoring skills development.

Conclusion

The removal of Nawaz Modi-Singhania from the Raymond Group boards adds another layer of complexity to the ongoing public dispute with her estranged husband, Gautam Singhania. While the legalities of the situation are being addressed through shareholder meetings and due process, the underlying allegations of mistreatment and assault remain a point of contention.

This episode further highlights the impact the high-profile divorce is having on the Raymond Group, with potential consequences for the company's reputation and share price. Only time will tell how this dispute will be resolved and what its lasting impact will be on both Nawaz Modi-Singhania and the Raymond Group.