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Raymond's Independent Directors have retained Berjis Desai, a senior independent legal counsel, to advise the company amidst the ongoing marital dispute between Chairman and MD Gautam Singhania and Nawaz Modi. The Independent Directors aim to ensure the dispute does not impact the Chairman's ability to manage the company. Proxy advisory firm IiAS previously urged independent directors to appoint an interim CEO and investigate allegations of assault and misuse of company funds.
Vijaypat Singhania, father of Raymond boss Gautam Singhania, spoke about his son's separation from his wife, Nawaz Modi. He admitted to making a mistake by giving his son everything.
Shares of Raymond shed over 4 percent in intra-day deals on Monday, extending losses for the seventh straight session amid reports that chairman Gautam Hari Singhania's estranged wife Nawaz Gautam Singhania has demanded 75 percent of his fortunes. The couple announced separation earlier this month.
Gautam Singhania, chairman of the Raymond Group, announced his separation from wife Nawaz Modi Singhania. Without detailing the reasons, he expressed a mutual decision to part ways while prioritizing the well-being of their children, Niharika and Nisa. Singhania urged privacy and respect for their personal choices. Prior to this, he shared updates about Raymond Realty's expansion in Mumbai. Singhania, previously known for expanding the Raymond Group, had earlier faced public attention due to the feud disagreements with his father, Vijaypat, who founded the conglomerate. Alongside business ventures, Singhania shares a passion for high-speed car racing like his aviator father.