Proxy Firm Urges Raymond Shareholders to Oust Gautam Singhania Amid Controversies

A proxy advisory firm has recommended that shareholders of Raymond vote against the reappointment of Gautam Singhania amid accusations of domestic violence and financial misappropriation by his estranged wife, Nawaz Modi. The firm also called for an independent investigation and for both parties to step down until issues are resolved.

A proxy advisory firm has urged shareholders of the leading textile giant Raymond to vote against the reappointment of Chairman & Managing Director Gautam Singhania. The call comes amidst serious accusations of domestic violence and misappropriation of funds, leveled against Singhania by his estranged wife, Nawaz Modi.

The firm has called for an independent inquiry into the allegations. It has recommended that both Gautam Singhania and Nawaz Modi take leave from the board until the divorce settlement and investigation are concluded.

Furthermore, the advisory firm has also objected to the proposed remuneration structure for Singhania, arguing that it surpasses regulatory limits. An e-mail sent to Raymond remained unanswered at the time of filing this story. Raymond is set to conduct its Annual General Meeting on June 27 to discuss the reappointment and remuneration plans for Singhania.

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