Raymond Re-appoints Gautam Hari Singhania as Managing Director
Raymond Ltd., a leading textile and fabric manufacturer, has re-appointed Gautam Hari Singhania as its Managing Director for another five-year term. This decision was approved by shareholders at the company's Annual General Meeting (AGM) held on June 27, 2023. Singhania's new term will commence on July 1, 2024.
The company confirmed that the re-appointment complies with the requirements outlined in the Stock Exchange circulars. However, this decision comes after a recommendation from a proxy advisory firm advising shareholders to vote against Singhania's reappointment. The firm called for an independent investigation into accusations of domestic violence and misappropriation of funds made by his estranged wife, Nawaz Modi.
The firm also suggested that both Gautam Singhania and Nawaz Modi should step down from the board of Raymond until the divorce-related issues are resolved and the results of the independent investigation are obtained.