Raymond Shareholders Approve Controversial Reappointment of Gautam Singhania

Raymond Ltd shareholders have approved the reappointment of Gautam Hari Singhania as Managing Director for five years starting July 1, 2024, despite opposition from proxy advisory firm IiAS. IiAS recommended against his reappointment due to allegations of domestic violence and claims of potential excessive remuneration.

Raymond Ltd shareholders approved the reappointment of Gautam Hari Singhania as Managing Director for another five years, beginning July 1, 2024. This decision came despite protests from proxy advisory firm IiAS during the Annual General Meeting (AGM) held on June 27.

IiAS urged shareholders to vote against Singhania's reappointment and proposed remuneration, citing ongoing domestic violence accusations and potential misappropriation of funds by his estranged wife, Nawaz Modi.

Furthermore, IiAS called for both Singhania and Modi to step down from the board until divorce-related issues are resolved and results of an independent investigation are published. They also claimed the remuneration structure allows for potentially excessive payments, recommending a capped amount to avoid regulatory breaches.