Raymond’s two promoter group firms remove Nawaz Modi Singhania from the directorship

Nawaz Modi Singhania was ousted as a director from the boards of JK Investors (Bombay) Ltd and Smart Advisory, two businesses owned by the Raymond Group’s proprietors, after a vote by shareholders calling for her removal.

After the firms’ Thursday shareholder meetings, Nawaz Modi—the estranged wife of Raymond Group CMD Gautam Singhania—was fired, as verified by separate announcements from the two companies’ spokespeople.

In a previous letter to the firms, the shareholders expressed their lack of trust in Nawaz Modi Singhania as a director and requested that a shareholder meeting be called in order to remove her from the boards. After then, on March 31, the board of these companies—which included Modi—met and resolved to hold a vote on April 25.

According to the remarks, “she has now been removed as director following the due process of the law.”

After Gautam Singhania announced his divorce from his wife on November 13 and said that they had chosen to take separate paths, several accusations, including one of assault, were made against Singhania. The Raymond chief remained silent about the matter. In 1999, Singhania wed Nawaz Modi, the daughter of lawyer Nadar Modi.