Nawaz Modi quits as director of Raymond
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Nawaz Modi Singhania, former wife of Raymond Ltd chairman and MD Gautam Singhania, has resigned as a director on the board, according to the company’s exchange filing on Wednesday.
In her resignation letter, shared in a filing with the exchanges by the company, Modi cited personal reasons for her resignation from the position with immediate effect.
“Due to personal reasons, I hereby tender my resignation as Director of Raymond Limited with immediate effect. I am thankful to the Board of Directors for the memorable association during my tenure and supporting me throughout my term,” the resignation letter said.
“We thank Ms. Nawaz Modi Singhania for her services as a Board member over the years. As a company, we are committed to upholding the highest level of governance while continuing to navigate the evolving landscape of the industry,” said Gautam Singhania, Chairman and Managing Director, Raymond, in a statement.
In 2024, Modi was removed from her director position on the boards of three companies—JK Investors, Smart Advisory-Finserve, and Raymond Consumer Care Ltd (RCCL).
Nawaz Modi, daughter of solicitor Nadar Modi, married Gautam Singhania in 1999. The chairman of the textiles and apparel company publicly announced their separation in 2023 after 24 years of marriage.
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Shares of Raymond Ltd opened at ₹1,418 today and climbed to a high of ₹1,479.15 during morning trade, marking a 4.4% increase from the previous session’s close on the NSE. The scrip is currently trading at ₹1,434.90, up 1.31% from yesterday’s close of ₹1,416.40.
In January, Raymond reported a 61% year-on-year decline in net profit to ₹72.3 crore for the third quarter of this fiscal, compared to ₹185.4 crore in the same period last year. However, revenue surged 40.6% to ₹953.9 crore from ₹678.5 crore, driven by growth in its real estate segment.