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<keyword id="6405378" type="General" weightage="20" keywordseo="gautam-singhania" source="Orion">Gautam Singhania</keyword>, Chairman and Managing Director of Raymond on Monday issued a statement to announce separation from his wife, <keyword id="201967" type="General" weightage="20" keywordseo="Nawaz-Modi-Singhania" source="Orion">Nawaz Modi Singhania</keyword>. Singhania wrote on X that Diwali is not going to be the same for him this year. "This Diwali is not going to be the same as many in the past. 32 years of being together as a couple, growing as parents and always being a source of strength to each other... we traversed with commitment, resolve, faith as along came the two most beautiful additions of our lives." "It is my belief that Nawaz and I will pursue different paths from here on... I am parting ways with her while we will continue to do what is the best for our two precious diamonds Niharika and Nisa," Singhania said in the post. He added that there has been a lot of rumour mongering and gossip around his family "fanned by not so well wishers". Earlier media reports said that Nawaz Modi Singhania, wife of Gautam Singhania, was allegedly stopped from attending her husband's Diwali party in Thane, last week. Nawaz Modi Singhania reportedly recorded the video of the incident which has gone viral. In the video, Nawaz can be heard saying that she was standing outside JK Gram. Nawaz Modi Singhania alleged that she was invited for the party but now she was not allowed to enter the premises, as per media reports.

Raymond's Gautam Singhania announces separation from wife Nawaz Modi Singhania

<ul><li>The branded apparel major is likely to see free cash flow this year itself, Chairman Gautam Singhania said in an <keyword id="975312" type="PERSON" weightage="20" keywordseo="exclusive-interview">exclusive interview</keyword>.</li></ul><ul><li>Development of Thane land may be capital light, he said but stopped short of divulging details. </li></ul><ul><li>Do not paint Raymond with the same brush as other promoters, he hit back on the question of governance. </li></ul>Gautam Singhania, the second-generation promoter of Raymond Limited, whose businesses span from branded apparel and textile to fast-moving consumer goods to engineering and auto parts, is hoping that the business will increase its free cash flow as early as the current financial year that ends on March 31, 2019. Raymond’s stock price has multiplied over two-and-a-half times in the last three years. This, at a time when the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) was negative, and it has turned into the black only now. 
 
 
 
 
 
 
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 The company posted a profit in four out of last five quarters. Most recently, the company declared a net profit of ₹ 260 million in the three months between October and December 2018. and Singhania is confident that it will only improve hereon. 
 
 
 
 
 
 
 <div type="ExtQuote" text="“We are at the end of the investment cycle, so you will start seeing free cash flow now; from this year itself.&quot;" auname="Gautam Singhania, Chairman, Raymond Limited"></div>















 The company’s debt has been a cause for concern in the Indian markets for long. But Singhania is not bothered by it. “At the end of the day, Raymond has a net debt of about ₹2,300 crores. I don’t sleep with a net debt of ₹2,000 crores, people with debt 20 times and 50 times the size sleep easy. I don’t know why we are worried about Raymond’s debt,” he candidly said. The plan to unlock value by selling a 20-acre land in Thane, in the outskirts of Mumbai, as well as non-core business like engineering and auto parts is on track, he said. The money from these sales will go into repaying debt, but Singhania is in no hurry. “At the end of the day you have to understand one thing, I will do it to the best of my ability and number two, I am the biggest gainer. That’s all I am concerned with. I will do whatever is in the best interest of shareholders. I am the largest shareholder,” he said. The company, which was admittedly looking to pare down debt by selling the Thane land, <a href="https://economictimes.indiatimes.com/markets/expert-view/gautam-singhania-on-affordable-housing-foray-schools-and-expanding-raymond-into-small-towns/articleshow/67974132.cms">announced recently</a> that it would develop the project on its own instead. This may raise concerns on whether the company would end up adding to the debt in the process. But Singhania dismissed those fears, saying, “What makes you say that developing on our own cannot be capital light? That’s your assumption. I am not going to tell how I am going to do it. How I do it, I am not at liberty to discuss it with you.” The flamboyant 53-year-old who loves fast cars, high-flying private jets, and cruising speed boats has also faced some <a href="https://economictimes.indiatimes.com/markets/stocks/news/raymond-rebounds-7-after-clarification-on-related-party-transaction-report/articleshow/67895858.cms">tough questions on corporate governance</a> in recent times, which he has vehemently denied. “You are not willing to accept that I am the only promoter in the country who has stepped off his own companies as chairman, has put in the highest level of corporate governance in the system, has got outside directors and outside professionals to take over as chairman. I have the best advisory board in the country. Don’t paint Raymond with the same paint brush as other promoters. Show me one other promoter who has done what Raymond has done, then talk to me,” Singhania said demanding credit for bringing in transparency in governance. 
 
 
 
 
 
 
 <div type="ExtQuote" text="&quot;Don’t paint Raymond with the same paint brush as other promoters.&quot;" auname="Gautam Singhania, Chairman, Raymond Limited"></div>















 Analysts seem to agree with Singhania’s narrative. “Over the last 2 years, a lot of changes in terms of management, brand positioning, disclosures, rationalising store network, etc. which have happened at Raymond post which the company has been steadily improving its performance on guided lines,” Edelweiss said in a report earlier this month. Room for growth Singhania is betting on Raymond’s scale and reach, and its well-known brand. “See, you always will have some competition, and it’s good. Some of the big brands will come to Mumbai, Delhi, Kolkata, Chennai. Raymond today is in Tier-10 towns, we are 515 towns, we are competing in a different marketplace as well. A foreign brand in our space, I don’t want to take names, has been in this country for 30 years and it makes $2 million a year. It’s irrelevant to me. It doesn’t bother me,” he said. Additionally, Raymond’s franchisee model allows it to reach deeper into smaller towns without having to invest big money. “In the last 18 months, Raymond has added over 200 mini-TRS (The Raymond Shop) stores in over 180 towns, penetrating smaller cities,” PhillipCapital said in a note this month. As of now, the company makes over 70% of its revenue from textiles and branded apparel. Going forward, there will be an added focus on relatively new verticals like fast-moving consumer goods space, said Singhania. Having decoupled the group companies from the parent through management changes, the FMCG vertical will have to make its own business decisions. “It’s a separate business. It will find its own capital. If it requires capital, it will find it. It’s a professionally run company. Raymond capital doesn’t have to go there. Raymond will only put capital there only if it believes it wants to. The company will grow on its own steam. If it wants capital, it can go to the market and raise private equity or debt,” Singhania said.

EXCLUSIVE: Two revelations and a fiery defence from Raymond’s boss Gautam Singhania

New Delhi, Dec 2 () Textile player Raymond on Monday said ownership of Raymond brand will remain with the demerged new lifestyle company.
The company had earlier announced hiving off the consumer and lifestyle businesses into a separate entity.
"Raymond consulted with industry and financial experts to arrive at an optimal structure in relation to ownership of brands related to lifestyle businesses. Under the proposed scheme, along with the lifestyle business, 'Raymond' and all other brands currently being used in respect of textiles, readymade garments, retail business related to Lifestyle business, tailoring services and allied accessories will be assigned to and owned by Raymond Lifestyle Business," the company said in a BSE filing.
Consequently, once the proposed scheme is approved by the National Company Law Tribunal (NCLT), Raymond lifestyle business will not be required to pay any royalty to Raymond Ltd for its use of the brands.
"Raymond' brand ownership for all the other businesses (except for Raymond Lifestyle Businesses) will remain with Raymond Ltd.
"I am happy to announce the management's decision of moving brand ownership with usage categories in respective companies...There will be no intercompany brand licencing rights or royalty contracts," Raymond Ltd Chairman &amp; Managing Director Gautam Hari Singhania said.
The company had earlier announced the proposed demerger of its core lifestyle business into a separate entity that will be listed through mirror shareholding structure.
The new company will be listed and the existing shareholders of residual Raymond will get the shares of the new company on a 1:1 basis.
The move will create a clear demarcation of lifestyle and other businesses leading to the simplification of the group structure.
The proposed scheme is subject to various regulatory and statutory approvals. SID BAL

'Raymond brand' to remain with new demerged lifestyle firm

<ul><li>There is no law in India that states that the wife should get a certain percent of their husband's income or wealth as <keyword id="6406198" type="General" weightage="20" keywordseo="alimony" source="Orion">alimony</keyword>. </li><li>Actual settlement amount depends on the lawyer, the income of the husband and number of dependents, among other factors. </li><li>If there is accusation of mental cruelty or domestic physical violence against the husband, those will have to be tested before the court. </li></ul>In the process of reaching an agreement following their divorce, Nawaz Modi Singhania, 53, the separated spouse of billionaire industrialist Gautam Singhania, has reportedly requested 75% of his purported $1.4 billion fortune for herself and their two daughters. When Bollywood star Hrtithik Roshan and Sussanne Khan divorced in 2013, she had reportedly demanded ₹400 crore as alimony. It was later settled at ₹100 crore, though not confirmed. High-profile divorce cases make headlines, and when industrialists are involved they may also affect share prices. But when a divorce happens and the wife makes an alimony claim, how do things pan out? "The court will look at the education levels of the person and their ability to be employed while deciding alimony. It's very unlikely that somebody will get 75% of the assets," said Delhi-based corporate lawyer Anuroop Omkar, founding partner of law firm AK &amp; Partners. There is no law on settlement percentage There is no rule in India which says that you have to give so and so percent to your wife as alimony. “It depends on a number of factors. One of them is what is your strategy to get the money- what is the lawyer’s strategy, what are arguments, what is your lawyer’s research. This happens because there is no set rule,” says Vandana Shah, a divorce lawyer. So the actual settlement amount depends on the lawyer, the income of the husband,what the wife is earning and depends on what comes out in court. It also depends on the number of dependents. In the Rajnesh vs Neha divorce case, a few years ago, the court ruled that there's no fixed formula to determine the amount of maintenance to be granted. The awarded maintenance should be fair and practical, ensuring that it enables the wife to sustain herself comfortably and reasonably. The adequacy of the sum should be assessed based on the wife's ability to maintain herself with a reasonable standard of living. “Since November 2020, as per Rajnesh V/s Neha as per the Supreme Court guidelines, every wife who makes a claim for maintenance,makes an application in the prescribed format which - includes the financials of the wife, her monthly expenses, investments, properties she owns and so on. The husband is also expected to file his application with his financials in the format prescribed by the Supreme Court,” says S<a href="https://www.linkedin.com/in/sandhya-vasudevan-sondhi-1099215/overlay/about-this-profile/">andhya Vasudevan Sondhi</a>, founder, SVS Legal, a Mumbai-based boutique law firm that handles family matters. Outside court settlement It is advised that such separation issues be amicably dealt with. Especially in the case of the Singhanias, there will be allegations and counter allegations by both the parties, especially since the tenure of marriage is long. “Looking at the gravity of the whole situation and looking at the children and the long tenure of marriage, if both the parties talk it out and settle the matter, it could be wonderfully handled. If a divorce can be done in a mutual way, it works in the best interest of both the parties, the children and also the respective families,” says Advocate Siddhartha Shah , a divorce lawyer. The law thus provides a solution to this. Section 28 of the special marriage act, talks about of divorce by mutual consent. “If there are unreasonable claims, then one of the parties may not agree. Then the court will have to look at each and every aspect of the accusations and then the court will have to weigh it according to the primary and secondary evidence that is produced before the court,” says Shah. It is noteworthy that if there is accusation of mental cruelty or domestic physical violence against the husband, that will have to be tested before the court. Then the case goes to trial and that can become a time consuming process.

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Raymond's Gautam Singhania announces separation from wife Nawaz Modi Singhania

IANS

EXCLUSIVE: Two revelations and a fiery defence from Raymond’s boss Gautam Singhania

Sriram Iyer

'Raymond brand' to remain with new demerged lifestyle firm

PTI

High profile divorces are stories of claims and counterclaims best settled outside court

Anagh Pal

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