Singhania’s Wife Expelled from 3 Company Boards: Navaz Accuses Gautam, Demands 11,000 Crores from Raymond Group

Three companies of the Raymond Group are removing Navaz Modi, the wife, from their boards amid controversy. On March 31, an Extraordinary General Meeting (EGM) by JK Investors Limited (JKI), Raymond Consortium Care (RCCL), and Smart Advisory and Finserve is removing Navaz Modi from the board. This information is provided in a report by Economics Times.

Navaz Modi was appointed as a director of JKI in June 2015, RCCL in December 2020, and Smart Advisory and Finserve in October 2017. According to the report, Raymond, a stock exchange-listed company, has not proposed to remove Navaz Modi from the board yet, but they could do so in the near future.

Navaz Modi Speaks Up: First Physical Assault, Now Ousted from Board

After receiving information about the proposal to remove her from the board, Navaz Modi stated, “Since I am exposing Gautam Singhania’s wrongdoings, he is retaliating against me. He has been mistreating me ever since. First physical assault, and now expulsion from the company.”

Earlier, shareholders of Investors and Smart Advisory had written to the company stating they had lost confidence in Navaz Modi as a director. Shareholders had requested a meeting to remove Navaz Modi from the board. Subsequently, a board meeting was held on March 31, followed by a shareholder meeting on Thursday. Now, Navaz is being removed in accordance with legal procedures.

Navaz Modi Demands 75% Share in Settlement

According to the report, after the announcement of Gautam Singhania’s separation, Navaz Modi had set a condition for the separation. She demanded 75% share in the total property of approximately 1.4 billion dollars (approximately 11 thousand crores rupees). However, no final decision has been made yet.

Singhania’s Various Businesses Including Garments and Real Estate

Gautam Singhania is the chairman and managing director of the Raymond Group. His total wealth is approximately 11 thousand crores rupees. Raymond Group is engaged in various businesses including garments, denim, consortium care, engineering, and real estate. The group has a strong presence in the ready-made garment market. It is also a leading manufacturer in the denim category. The company supplies high-quality denim.

Gautam’s Craze for Cars Since Childhood

Gautam has been crazy about cars since childhood. Understanding this, on his 18th birthday, his parents gifted him 1100 cars of various models.

Gautam, Owner of Many Cars Including Tesla Model

Gautam Singhania got married to Navaz in 1999. Prior to that, they were in a relationship for 8 years. Navaz’s father was not ready for this marriage. In 2005, Gautam Singhania opened a night club named ‘Poison’ in Bandra, Mumbai. Bollywood actress Raveena Tandon is a close friend of the Singhania family. Gautam also has a farmhouse in Alibaug, Maharashtra, where he hosts New Year parties for his friends and family every year.

Navaz’s Parents Separated When She Was 10

Navaz’s father was a lawyer born in Mumbai. Navaz also holds a law degree. When Navaz was 10 years old, her parents separated.

Navaz, a Fitness Freak and Author

Navaz is a fitness freak. She started a body art fitness center in Mumbai. She is the first woman to open Pilates and Gyrotonics studios in India. She is also a writer. Her book titled ‘Time Arrest’ has been published.

Navaz’s Father Was Not Ready for Marriage

Gautam once said in an interview that it was not easy to convince a Parsi girl to become his wife. Navaz’s father was not ready for this marriage, but he had to yield to his daughter’s insistence. Even after marriage, Gautam and Navaz had to make many adjustments due to cultural differences.

Gautam’s Dispute with His Father Vijaypat Singhania

Gautam Singhania has also had a dispute with his father Vijaypat Singhania. Gautam Singhania has accused his father of expelling him from the house. Vijaypat Singhania had removed Gautam’s name from the property.