Following the news of their divorce, Nawaz Modi-Singhania and her former husband, Raymond Group Chief Gautam Singhania, are embroiled in a contentious settlement fight. In November 2023, the pair had earlier declared their split.
Nawaz Modi-Singhania was removed from the board of three privately held Raymond Group companies, JK Investors (JKI) (Bombay), Raymond Consumer Care (RCCL), and Smart Advisory and Finserve, through an EGM on March 31, the companies announced on Thursday. Two of these companies’ boards had received an approach from Modi-Singhania challenging the dismissal. Although Raymond, the listed entity, hasn’t yet proposed to remove her from the board, there’s a good chance that will happen, according to people familiar with the situation.
Following the news of their divorce, Nawaz Modi-Singhania and her former husband, Raymond Group Chief Gautam Singhania, are embroiled in a contentious settlement fight. In November 2023, the pair had earlier declared their split.
In June 2015, Modi-Singhania was named a director at JKI; in December 2020, at RCCL; and in October 2017, at Smart Advisory & Finserve.
After receiving a communication that she was fired from Smart Advisory, Finserve, and Raymond Consumer Care, she showed up before the boards. “I have been mistreated since the time I have been exposing Singhania over his misdeeds. First the assault, and now the ouster,” Modi-Singhania said before entering the Raymond office in Mumbai.
“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,” a spokesperson for JK Investors (Bombay) and Smart Advisory said.
“The company recently received a notice from a significant shareholder requesting it to convene a meeting of shareholders to remove Nawaz Modi-Singhania as a director of the company. The board (including Mrs. Singhania) met on March 31 and unanimously convened a physical shareholders’ meeting on Thursday. Mrs. Singhania has now been removed as a director on the board of Raymond Consumer Care following due process under the law,” the spokesperson for Raymond Consumer Care said.
“[T]he special notice dated March 29, 2024, pursuant to Section 115 and Section 169 of the Companies Act, 2013 and requisition pursuant to Section 100 of the Companies Act, 2013 and rules framed thereunder for convening an extraordinary general meeting (EGM) of the members of the company received from the holding company, viz. Ray Global Consumer Trading, or the removal of Mrs. Nawaz Singhania from her office as the director of the company,” reads one of the communications made by Raymond Consumer Care.
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