TWO PROMOTER GROUP COMPANIES OF RAYMOND REMOVE NAWAZ MODI SINGHANIA AS DIRECTOR

JK Investors (Bombay) Ltd and Smart Advisory, two companies held by promoters of Raymond Group, have removed Nawaz Modi Singhania as director from their boards after shareholders voted for her ouster.

Nawaz Modi, the estranged wife of Raymond Group CMD Gautam Singhania, was removed after shareholders’ meetings of the companies held on Thursday, spokesperson of the two companies confirmed in separate statements.

The shareholders had earlier written to the companies stating that they had lost confidence in Nawaz Modi Singhania as a director and sought convening a shareholder meeting to remove her from the boards. Following which, these companies’ board, which included Modi, had met earlier on March 31 and decided to vote on April 25.

“She has now been removed as director following the due process of the law,” the statements said.

Earlier on November 13, Gautam Singhania had announced separation from his wife, saying the two have decided to pursue different paths, following which levelled a series of allegations against Singhania, including assault. The Raymond chief never commented on the issue. Singhania had married Nawaz Modi, daughter of solicitor Nadar Modi, in 1999.

2024-04-25T19:22:44Z dg43tfdfdgfd