The chairman and managing director of Raymond, Gautam Singhania, has written to the staff and the company’s board to assure them that business will continue as usual despite his public dispute with Nawaz Modi, his estranged wife.
The textile company’s business tycoon stated in an internal document obtained from sources that he is still committed to the company’s successful operations and that he is steadfast in his role as chairman and managing director.
Following Singhania’s announcement earlier this month of his separation from his estranged wife, this development has occurred. Later, Nawaz Modi surfaced with alarming claims that the billionaire industrialist had been assaulted. In an interview with the media, she described a terrifying event that happened in September and stated that, in a fit of wrath, Singhania physically attacked both her and their daughter. In response, the businessman promised to take legal action to defend the rights of his family.
As part of a family settlement, Nawaz Modi reportedly claimed a claim to seventy-five percent of the industrialist’s estimated $1.4 billion wealth for herself and their two daughters.
The media is “rife with news about matters pertaining to my personal life,” according to Singhania, who also said, “I am steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers, and other stakeholders.”
Since Singhania and Nawaz announced their separation on November 13, Raymond’s stock has dropped 13% amid the public outcry, wiping out more than $180 million in market value, as previously reported. On November 24, the shares ended the day 1.17 percent lower at Rs 1,650 a share on the BSE. On November 27, the stock market was closed in observance of Guru Nanak Dev Jayanti.
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