- Nawaz Modi, estranged wife of Raymond Group chairman Gautam Singhania, alleges misuse of power as she is removed from three privately held Raymond Group companies’ boards amid a bitter settlement dispute post their divorce.
- Modi accuses Singhania of exerting influence over her removal and describes his tactics as reminiscent of a ‘Bhindi Bazaar,’ referencing strong-arm methods to oust individuals.
- The dispute escalates as Modi demands a significant portion of Singhania’s wealth for her daughters, highlighting the contentious nature of the divorce settlement negotiations.
A dispute within the Raymond Group emerges as Nawaz Modi, the former wife of chairman Gautam Singhania, accuses him of using the company as his personal domain. Modi’s removal from three privately held Raymond Group companies’ boards following their divorce announcement in November 2023 sparks allegations of misuse of power. Describing Singhania’s tactics as reminiscent of a ‘Bhindi Bazaar,’ Modi points to strong-arm methods allegedly employed to silence dissent.
The rift deepens as Modi demands a substantial portion of Singhania’s wealth for their daughters, complicating the divorce settlement negotiations. With accusations of mismanagement and misuse of power, the dispute sheds light on the complexities within corporate and personal relationships intertwined in the business world. The Raymond Group finds itself embroiled in controversy as internal strife and legal battles overshadow its operations and leadership dynamics.
