Raymond Group's Chairman, Gautam Singhania, announced his separation from his wife, Nawaz Modi Singhania, after 32 years of marriage in November 2023. Moreover, in January 2024, the settlement talks between the former couple collapsed when Nawaz Modi asked for 75 per cent of Gautam Singhania's estimated USD 1.4 billion net worth following their divorce.
Recently, Nawaz Modi, who used to be a board director of JK Investors, Smart advisory-finserve and Raymond Consumer Care Ltd (RCCL), revealed in an interview with India Today that Gautam Singhania wanted her removed from the board of directors of the group. She further asked if the major shareholder promotor lost his confidence in her for doing her job properly. Sharing that she was removed from the board as she called him out, Nawaz Modi said:
“They are invalid grounds for my removal. Has the major shareholder promotor lost his confidence in me for doing my job, doing my duty? He (Gautam) has lost his confidence in me because I am calling him out. I am going to be detailing these points out. This is his way of operating. Even all the AGMs are always held in Ratnagiri, so that people or shareholders are not able to get there. These are his 'Bhindi bazaar' tactics, as even his father calls it, of strong-arming people in a bid to get them out.”
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Nawaz Modi further mentioned that her father-in-law, Dr Vijaypat Singhania, supported her demand and wanted her to get 50 per cent of his wealth, and the remaining 50 per cent should be given to Gautam Singhania. However, she demanded another 25 per cent for each of their daughter, Niharika and Nysa. In her words:
“It's USD 1.4 Billion on paper. My father-in-law, Dr Vijaypat Singhania, says I should be getting 50 per cent of his wealth while Gautam (Singhani) should keep the other 50 per cent. But I want only 25 per cent each for my daughter Niharika and Nysa.”
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While speaking about her divorce from Gautam Singhania, Nawaz Modi said that things got ugly between the two when she became a ‘whistleblower’ and opened up about her estranged husband’s mismanagement of the company. Moreover, she also alleged that Gautam Singhania assaulted her and her minor daughter on his birthday last year.
In the same report, she further stated that the Raymond chief had kicked, slapped and punched her and her daughter for several minutes. Nawaz Modi had filed a police complaint and was admitted to a hospital due to her broken back. In her words:
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“The incident happened after I started calling him out for his misdeeds. I started calling him out in August 2023, and the incident happened in September on his birthday. He slapped, kicked, and punched our minor daughter and me for several minutes non-stop. I filed a police complaint. Subsequently, I was hospitalised for several days and came out with a broken back. I went straight to the police for a further statement.”
What are your thoughts about Nawaz Modi's shocking revelations?
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