MUMBAI: Nawaz Modi-Singhania and Raymond Group chairman and managing director Gautam Singhania, who have been embroiled in a bitter settlement dispute since November 2023, are heading for another confrontation. According to a report in the Economic Times, Nawaz Modi-Singhania has been removed from the boards of three privately held Raymond Group companies—JK Investors (Bombay), Raymond Consumer Care (RCCL), and Smart Advisory and Finserv—through an EGM held on March 31. The report states that Nawaz Modi-Singhania approached the boards of two of these companies to contest her removal, citing sources familiar with the matter.

The report, quoting a spokesperson for two of the mentioned companies, stated that since these entities are closely held, their shareholders had written to the companies expressing a loss of confidence in Nawaz Modi-Singhania as a director and requested a shareholder meeting to remove her from the boards. The boards of these companies (including Mrs. Singhania) met on March 31 and convened shareholders' meetings for Thursday. Following the due process of law, she has now been removed as a director.

In an interview with India Today TV, Nawaz Modi-Singhania claimed that her removal was based on invalid grounds and questioned, "Has the major shareholder promoter lost his confidence in me for doing my job, doing my duty? He (Gautam Singhania) has lost his confidence in me because I am calling him out. I am going to be detailing these points."