Raymond Q4 results: Gautam Singhania reappointed as MD amid divorce dispute with Nawaz Modi
Raymond Ltd on Friday released its Q4 results, wherein it said that the company board has decided to re-appoint Gautam Singhania as the managing director of the company for a term of five years with effect from July 1, 2024.
In an exchange filing, the company said: “The re-appointment of Mr Gautam Hari Singhania as Managing Director is subject to approval of the Members of the Company and is in compliance with the requirements of Stock Exchange circulars NSE/CML/2018/24 and BSE/LIST/COMP/14/2018-19 both dated June 20, 2018.”
“The group has made enormous progress under the stewardship of Mr. Singhania and his vision is to take the Raymond Brand from being amongst the most respected Indian brands to being amongst the best in the global markets,” the company said.
Singhania is fighting a settlement dispute with his estranged wife Nawaz Modi Singhania. The couple announced their divorce in November 2023.
Last week, three privately held Raymond Group companies – JK Investors (Bombay), Raymond Consumer Care and Smart Advisory and Finserve removed Nawaz Modi. Nawaz Modi was a board director of JK Investors, Smart advisory-finserve and Raymond Consumer Care Ltd (RCCL).
In an exclusive interview with India Today TV, Nawaz Modi said, “They are (using) invalid grounds for my removal. Has the major shareholder promotor lost his confidence in me for doing my job, doing my duty? He (Gautam Singhania) has lost his confidence in me because I am calling him out. I am going to be detailing these points.”
Raymond Ltd, the listed entity, is yet to propose her removal. Modi alleged that Singhania is attempting to exert influence over the decision.
“This is his way of operating. Even all the AGMs are always held in Ratnagiri, so people or shareholders are not able to get there,” 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 added.
Nawaz Modi, who demanded 75% of Gautam Singhania’s total net worth as part of the divorce settlement, said she wants her daughters to get 25%.
