Gautam Singhania, chairman and managing director of Raymond, has written to the board of the company and employees assuring smooth functioning of business amid public spat with estranged wife Nawaz Modi.
In an internal email accessed by CNBC-TV18, the business tycoon of the textile company wrote that he remains resolute as the Chairman and Managing Director and is fully committed towards the smooth functioning of the company and its business.
The development comes after Singhania’s announcement of his separation with his estranged wife earlier this month. Later, Nawaz Modi came forward with disturbing allegations of assault against the billionaire industrialist. Speaking to The Economic Times, she detailed a harrowing incident in September, claiming that Singhania physically assaulted her and their daughter in a fit of rage. The industrialist has responded, vowing legal action to protect his family's interests.
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Reportedly, Nawaz Modi has asserted a claim to 75 percent of the industrialist's estimated $1.4 billion wealth for their two daughters and herself as part of a family settlement.
As per the mail accessed by CNBC-TV18, Singhania stated, "I am steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers, and other stakeholders" adding that media is "rife with news about matters pertaining to my personal life."
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Amid the public spat, Raymond's stock has tumbled 12 percent since November 13 when Singhania announced separation from Nawaz, erasing more than $180 million in market value, Bloomberg reported earlier. The shares closed 1.17 percent lower at Rs 1,650 apiece on BSE on November 24. Stock market remained closed on November 27 on account of Guru Nanak Dev Jayanti.
Singhania also mentioned in the internal mail that he remains "resolute as CMD and fully committed towards the smooth functioning of the company and its business."
Saying that at Raymond, it is business as usual, the industrialist noted the the company is "steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers, and other stakeholders."
The billionaire industrialist, whose net worth is reported to be over Rs 11,000 crore, made the announcement over the microblogging platform X, saying it was not the same Diwali as in the past. The industrialist -- who is helming the multi-decade group having roots in textiles and branched out into newer ones like real estate -- said Nawaz, a fitness trainer, and he were together for 32 years as a couple. The industrialist -- who is helming the multi-decade group having roots in textiles and branched out into newer ones like real estate -- said Nawaz, a fitness trainer, and he were together for 32 years as a couple.
The couple has two children, and Singhania said they grew together in their years of companionship and were a source of strength for each other.
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