The Raymond drama has once again hit the headlines as the company boardroom made its decision on Thursday to remove Nawaz Modi Singhania from the director positions in three key Raymond Group companies.
The former wife of Gautam Singhania, who previously held roles in JK Investors, Smart Advisory-Finserve, and Raymond Consumer Care Ltd (RCCL), has now been ousted from these positions levels.
According to a report by CNBC TV 18, the decision came to her knowledge when she was reaching Raymond's South Mumbai office on Thursday morning to participate in the extraordinary general meetings of JK Investors and Smart Advisory-Finserve.
"I was on the board of JK Investors, Raymond Consumer Care Ltd (RCCL) and Smart advisory-finserve companies. Today's meeting's agenda was to remove me from the board as the promoter and major shareholder Gautam Singhania has lost confidence in me," she said.
She reportedly made her case in front of the board while she was present in the meeting. However, the majority of the members voted against her, resulting in her removal from the boards.
"There is no black mark on my report. Reasons for which a director can be removed aren't applicable to me," she added.
As for the meeting for Raymond Consumer Care in Aurangabad, Nawaz requested to attend it online, but her request was denied. She was eventually removed from the board of RCCL.
The shareholders of both the companies JK Investors in Bombay and Smart Advisory expressed their lack of confidence in Nawaz Modi Singhania as a Director. They asked for a shareholder meeting to remove her from the board.
