Mumbai: Nawaz Modi, estranged wife of Raymond Group Chairman and Managing Director Gautam Singhania filed a representation with JK Investors (Bombay) Ltd and Smart Advisory &Finserve Pvt. Ltd at Ballard Estate on Thursday morning challenging her removal from the board of directors.
Speaking exclusively to the Free Press Journal, Nawaz Modi shared her long battle with Gautam Singhania forcing her out of public listed Raymond Ltd and other privately held companies for speaking out on the financial irregularities in the companies.
The settlement talks between Singhania and Modi collapsed earlier in January after it was reported that Modi asked for 75% of Gautam Singhania's estimated $1.4 billion net worth following their separation. Nawaz denied asking for 75% of Gautam Singhania fortune and clarified she had asked only for 25% each for both daughters and that her father in law Vijaypat Singhania supported the fight against his son.
Raymond Group and Gautam Singhania refrained from commenting on the Nawaz Modi statements. Nawaz was on board of Raymond Ltd from April 2014 and privately held J.K. Investors (Bombay) Limited (JKIBL) and Smart Advisory and Finserve Pvt. Ltd serving as Chairman of the Corporate Social Responsibility Committee and a member of the Nomination and Remuneration Committee of Raymond.
She has challenged her removal from the companies and several committees at the behest of Gautam Singhania for exposing the financial irregularities in the public listed companies. She claimed to be a whistleblower on the misuse of public funds by Gautam Singhania for personal benefits.
“Even as my representation was being made to JK Investors and Smart Finserve Mumbai office, Gautam manipulated the board meeting for another public listed Raymond Consumer Care Ltd at Aurangabad on same day at 4 pm which is physically not possible to be present and give my side,” complained Nawaz and further added it was the usual unfair practices adopted by the Raymond boss to hold AGM in remote unacessibles places to avoid share holders uncomfortable questions.
Nawaz representation to Raymond Consumer Care Ltd spoke of alleged misdeeds by industrialist Gautam Hari Singhania using company funds for personal gains and benefits. “lots of mismanagement done by Gautam were shared to the board. He will have a tough time ahead to reply shareholders or public listed Raymond Ltd,” said the fitness expert Nawaz.
She alleged the talks of settlement had failed because Gautam refusal to pay anyone including his own children, wife and father. “He makes promises of doing the right thing and changes the goal post every time during mediation. He just gives a ruse of settlement and do the right thing but backs out of mediation and negotiations on flimsy grounds to evade payment of rightful share in the company to children and wife,” said the former non executive director of Raymond Group.
She insisted her role as director on Raymond Board was very uncomfortable for Gautam being called out for mismanagement and irregularities. “i had called out his misdeeds much before the domestic violence and assault on minor daughter last September. The bitter acrimony and resentment was for my calling out his financial misdeeds and not a personal vendetta as alleged by Gautam,” clarified Nawaz.
She questioned the role of regulators for not taking action on the financial irregularities in public listed Raymond Group companies. “how is it possible for a large public listed company to get away with huge financial irregularities while the regulators and watchdogs turned a blind eye to Raymond CMD making extravagant car collections with company funds and pandora papers leaks,” asked Nawaz.
