Big trouble for Gautam Singhania amid feud with Nawaz Modi as Raymond’s independent directors urged to…

Raymond's chairman Gautam Singhania is embroiled in an ongoing public feud with his estranged wife Nawaz Modi. Amid startling claims against the business tycoon who hails from one of India’s most prominent business families, a proxy advisory firm has urged Raymond’s independent directors to investigate assault allegations, according to a Reuters report.

Indian proxy advisory firm Institutional Investor Advisory Services (IIAS) on Tuesday urged Raymond Ltd’s independent directors to launch a probe into the assault allegations against its managing director (MD). Modi has reportedly alleged that she and her daughter were physically assaulted by Gautam Singhania in September 2023. Modi, the estranged wife of Raymond MD Gautam Singhania is also a board member.

Meanwhile, Singhania has reportedly written to the Raymond board assuring them that the business will function as usual amid the couple’s ongoing separation. Singhania, earlier on November 13, had announced separation from wife Nawaz Modi on X. Raymond’s shares have seen a slump since then.

In an open letter to Raymond’s independent directors, IIAS urged that they need to communicate with investors and other stakeholders, address their concerns and “articulate a course of action they have taken following these public allegations”.

“In the interest of the company and safeguard the interests of a larger set of stakeholders, we urge you to undertake an independent investigation into the allegations of both, assault and CEO excesses,” IIAS said

(Inputs from Reuters)