Categories: BusinessNews

Raymond Group owner’s problems increased, Nawaz Modi made many serious allegations, Gautam wrote an emotional e-mail to the employees.

Raymond (Raymond)’s billionaire chairman Gautam Singhania (Gautam Singhania) He is seen getting into trouble due to a dispute with his wife. His wife Nawaz Modi is continuously making serious allegations against him. Last week, in an interview with India Today, Nawaz Modi had accused her husband Gautam Singhania of allegedly assaulting her and their daughter Niharika Singhania on September 10, the day after her birthday. Besides, she has also given her husband’s thumb impression. Meanwhile, Nawaz Modi has claimed that they forced him to trek to Tirumala Tirupati temple without food and water. In a recently surfaced audio clip, Nawaz Modi details Gautam Singhania’s alleged insistence on the trek and links it to the vow he made during their marriage. He argues that Gautam Singhania, a devoted follower of Lord Venkateswara, demanded him to climb the holy hill at Tirumala in Andhra Pradesh without food or water.

What is Nawaz Modi’s new allegation

Gautam Singhania is a devotee of Lord Venkateshwara, the presiding deity of Tirupati temple. He has contributed Rs 100 crore for the construction of a new temple in Mumbai. Along with this, the temple boards also support the educational institutions under Tirumala Tirupati Devasthanams. Regarding climbing the holy hill at Tirumala, Nawaz Modi said that he asked me to walk all those stairs. I don’t know how many stairs there are, but I walked all the way to Tirupati without food, water, anything. On the way I almost fainted two or three times. He still forced me to walk. Let us tell you that Gautam Singhania’s wife Nawaz Modi has asked for 75% of his property worth US $ 1.4 billion as part of the separation agreement. Nawaz Modi’s demand had a direct impact on Raymond’s share price as the company’s stock fell 8% in the last five trading sessions. Meanwhile, Gautam Singhania’s father Vijaypat Singhania said that Raymond’s name will ultimately depend on how shareholders and bankers view it.

What did Gautam do in the e-mail?

Raymond’s Chairman and Managing Director Gautam Singhania, who is embroiled in a family dispute, has assured his employees and the Board of Directors of normal functioning and said that he is fully committed to its smooth functioning. Singhania, a well-known entrepreneur who announced his separation from wife Nawaz a few days ago, expressed his commitment in an internal email sent to Raymond’s board members and employees. He has said in the email that he has decided not to comment on media reports about his personal life. Maintaining the dignity of my family is paramount for me. Along with this, he said that as the Chairman and Managing Director of Raymond, he is fully committed to the smooth functioning of the company and its business. He said, “Even in these difficult times, I assure you that work is going on as usual within Raymond.” Referring to Raymond’s excellent performance on the business front, Singhania said that the last quarter was the best in the history of the company. “I am committed to ensuring the interests of our employees, customers and other stakeholders while creating and delivering value for all our shareholders,” a Raymond spokesperson said when contacted. That Singhania has sent this email internally to the members of the board of directors and employees of the company. Singhania had announced his separation from wife Nawaz at the beginning of the month. Earlier, there was speculation about the future of this 32-year-old marriage. The couple had two children.

Mayank

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