Nawaz Modi Singhania Resigns from Raymond’s Board
Mumbai: Nawaz Modi Singhania, the non-executive director of Raymond and spouse of chairman Gautam Singhania, has officially stepped down from her position after an impactful 11-year tenure. The resignation was announced on Wednesday, with her departure effective from March 19.
In her resignation letter dated February 27, the 56-year-old cited personal reasons for her decision. Expressing gratitude, Gautam Singhania acknowledged her contributions to the board over the years. Although Nawaz has resigned from her directorial role, she retains her status as a promoter of Raymond, holding 2,550 shares valued at approximately ₹36 lakhs based on the latest trading price.
Recent Developments and Context
Nawaz’s exit comes on the heels of her removal from three other Raymond Group companies: JK Investors (Bombay), Smart Advisory and Finserve, and Raymond Consumer Care. Reports indicate that Gautam Singhania initiated a shareholder meeting to facilitate her removal, citing a loss of confidence.
In a separate incident earlier this year, Nawaz alleged physical assault by Singhania, leading to their announced separation. However, sources suggest a potential reconciliation, with Nawaz currently residing at JK House in Mumbai alongside Gautam. The couple was recently seen vacationing in Europe with their children, raising questions about the timing of her board resignation amidst reported reconciliation.
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As the situation unfolds, industry observers are keenly watching the dynamics of the Singhania family and its impact on the Raymond Group’s future.
