The controversy revolving around Raymond Group Chairman and Managing Director Gautam Singhania and his estranged wife Nawaz Modi has surfaced yet again. Raymond MD Gautam Singhania during the 2023 Diwali announced that he is parting ways with his wife Nawaz Modi. Gautam made this announcement after Nawaz Modi was filmed screaming outside the billionaire's house accusing her husband of stopping her from attending a Diwali party. Gautam Singhania broke his 32-years-of marriage Nawaz Modi. Now, Nawaz Modi has accused Gautam Singhania of arm-twisting the shareholders and convincing them to remove her from the board.
Nawaz Modi Singhania who was a board director of JK Investors, Smart advisory-finserve and Raymond Consumer Care Ltd (RCCL), was removed from her position in these three companies. She reached Raymond's South Mumbai office on Thursday morning (April 25). Nawaz said she was there to attend extraordinary general meetings of JK Investors and Smart advisory-finserve.
"I was on the board of JK Investors, Raymond Consumer Care Ltd and Smart advisory-finserve companies. Today's meeting's agenda was to remove me from the board as the promoter and major shareholder Gautam Singhania has lost confidence in me," nawaz was quoted as saying.
Notably, Gautam and Nawaz's divorce proceedings are reportedly under the observation of courts. If reports are true then Nawaz Modi has demanded 75% of wealth from her husband Gautam Singhania During an interview with a newsportal, Nawaz Modi said that Gautam Singhania’s wealth is around 1.4 billion dollars (Rs 11667 crore) and she wants each of her daughters Niharika and Nysa to get 25% of the wealth. It sums up to Rs 58340000000.
Talking about who is Nawaz Modi, she is currently continuing her career as a fitness trainer. Going by her Instagram bio, Nawaz is also the founder of Body Art Fitness Centres. She is also quite frequent on social media with 277K followers on Instagram (while writing).
Gautam Singhania & Nawaz Modi's cause of divorce
Gautam Singhania and Nawaz were not sharing a cordial bond. Before their Diwali video went viral, it was reported that Nawaz was allegedly assaulted by Gautam in their Breach Candy house resulting in a broken collar bone. In fact, Nawaz was then admitted to Sir H. N. Reliance Foundation Hospital and Research Centre in Girgaon. No police complaint was registered in the matter. The couple has since been estranged with the fight now heading to mediators for the division of assets. The Raymond Group is a Rs 5700 crore company and Nawaz Modi-Singhania is a director in at least 10 of the private and publicly-listed companies of the Singhania family.