NEW DELHI: Amid the ongoing public spat between Raymond Group’s Chairman & managing director (CMD) Gautam Singhania and his wife Nawaz Modi, the former has written to the company’s board and employees assuring that business is ‘as usual’ at the company.
Singhania, in an internal mail, said that he won’t be making comments on personal matters to maintain the dignity of his family. “As the media is ripe with news about matters pertaining to my personal life, I am writing to you to say that I have chosen not to comment on the same as maintaining the dignity of my family is paramount to me,” he wrote in the mail.
Singhania added that it is business as usual at Raymond despite it being a ‘difficult time’ for him and that he remains resolute as CMD and is fully committed towards the smooth functioning of the company and its business.“Recently, we have almost doubled our engineering business by entering sunrise sectors of aerospace, defense, electric vehicle components through MPPL’s acquisition, and have also been awarded two marquee real estate projects in our focus market of Mumbai Metropolitan Region,” he wrote.
Singhania assured everyone that he is “steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers, and other stakeholders”. The communication by the Mumbai-based businessman comes after his wife Nawaz Modi accused him of domestic violence and reportedly sought 75% of his $1.4 billion fortune as part of a settlement. Nawaz, who sits on the board of more than half a dozen companies, including the flagship Raymond, claims that Singhania has called off the settlement.
These developments between the two are taking a toll on the company’s share prices. Raymond Limited’s market capitalisation has declined by over Rs 1,700 crore after its share prices fell about 11% between November 13 and November 24. Last week, the stock fell nearly 8% to close at `1,647 and its market capitalisation came down below the Rs 11,000 crore mark. Singhania, on November 13, announced a split from his wife after being together for 32 years.