The family battle in Raymond Group seems to have ended with Nawaz Modi Singhania, estranged wife of chairman and managing director Gautam Singhania, deciding to step down as a director on the board.
The company said the resignation is effective Wednesday.
“We thank Nawaz Modi Singhania for her services as a board member over the years. As a company, we are committed to upholding the highest level of governance while continuing to navigate the evolving landscape of the industry,” Gautam Singhania said in a statement on Wednesday.
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“Nawaz and Gautam have resolved issues and she is back in the family home,” sources in the know said.
In her resignation letter, shared on BSE by the company, Nawaz Modi Singhania said she was tendering her resignation as director with immediate effect due to personal reasons. “I am thankful to the board of directors for the memorable association during my tenure and supporting me throughout my term,” she wrote.
Nawaz was ousted from the board of three Raymond Group companies — JK Investors, Smart Advisory-Finserve and Raymond Consumer Care — amid an ongoing conflict with her husband Gautam Singhania, in April last year.
On November 13, 2023, Gautam Singhania had announced separation from his wife, saying the two have decided to pursue different paths. He had assured the board and investors that it’s “business as usual” after the company’s shares fell post his divorce announcement.
Singhania had married Nawaz Modi, daughter of solicitor Nadar Modi, in 1999. Nawaz holds a Graduate degree in arts and a Post Graduate degree in Law from the University of Mumbai. After Post Graduation, she set up premium fitness centres in Mumbai.
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Since 1925, Raymond Group has been into fabric manufacturing, and then forayed into other sectors such as engineering and real estate.
After demerging its lifestyle business into a separate listed entity in 2024, Raymond now has two core businesses of real estate and engineering.
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