Gautam Singhania is accused by Nawaz Modi of’strong-arming’ her out of the Raymond Board

The divorced wife of Gautam Singhania, the managing director and chairman of Raymond Group, Nawaz Modi, said that there is a campaign to get her removed from the board of the firm.

“They are (using) invalid grounds for my removal,” Nawaz Modi said in an exclusive interview with India Today TV. Has the principal shareholder promoter lost faith in me to carry out my duties and responsibilities? Because I’m calling him out, Gautam Singhania no longer has faith in me. I’ll go into further depth about these things.

Nawaz Modi has previously been dismissed from the boards of three privately owned Raymond Group companies: Finserve, JK Investors (JKI) (Bombay), Raymond Consumer Care (RCCL), and Smart Advisory.

While Raymond Ltd., the listed company, has not yet suggested that she be removed, Modi claims that Gautam Singhania is trying to sway the outcome.

It should be mentioned that Nawaz Modi made this comment a few months after his attempts to reach a divorce settlement with Gautam Singhania failed.

This is how he functions. People or shareholders are unable to go to Ratnagiri, where the AGMs are traditionally conducted,” Modi said.

“These are his ‘Bhindi bazaar’ tactics, as even his father calls it, of strong-arming people in a bid to get them out,” she said.

Nawaz Modi said she wanted her daughters to get 25% of Gautam Singhania’s net assets, despite her demands for 75% of the entire.

On paper, it is worth $1.4 billion. Dr. Vijaypat Singhania, my father-in-law, believes that I should get half of his fortune and that Gautam Singhania should retain the other half. However, I would want 25% for my children Nysa and Niharika,” she said.

Regarding her rift with Gautam Singhania, Nawaz Modi said that issues arose when she turned into a “whistleblower” and began exposing Gautam’s “misdeeds” and “mismanagement” in the way the business was conducted.

“He treats the business as his own domain. As a matter of fact, our personal issues started because I was pointing out too many of his transgressions at that point, Nawaz said.

In addition, Nawaz Modi had reported to the police that on his birthday the previous year, Gautam Singhania had beaten her and one of her younger kids.

“I began pointing him out for his wrongdoings, and that’s when the event occurred. “I began confronting him in August 2023, and the event transpired on his birthday in September,” the woman said.

He repeatedly struck, kicked, and slapped our little daughter and me for a few minutes. I complained to the police. I spent many days in the hospital after that and was discharged with a fractured back. For a further statement, I went immediately to the police,” Nawaz Modi said.