Raymond Ltd Affirms Singhania's Leadership Amidst Proxy Advisory Firm's Reservations

Raymond Ltd's shareholders have approved the reappointment of Gautam Hari Singhania as Chairman and Managing Director for five years effective July 1, 2024. Despite reservations from the proxy advisory firm IiAS regarding allegations against Singhania, the reappointment and proposed remuneration had significant voter approval.

Raymond Ltd has announced that its shareholders have approved the reappointment of Gautam Hari Singhania as Chairman & Managing Director for a new five-year term, starting from July 1, 2024. The approval was granted at the company's Annual General Meeting (AGM) held on June 27.

The AGM saw overwhelming support for Singhania's reappointment, with 94.24 per cent of votes in favor. Additionally, the shareholders approved a special resolution for his proposed remuneration structure with an 84.88 per cent vote.

However, the decision was not without controversy. Proxy advisory firm IiAS had advised shareholders to oppose Singhania's reappointment and proposed remuneration. IiAS raised concerns over accusations of domestic violence and misappropriation of funds by Singhania's estranged wife, Nawaz Modi, and called for an independent investigation. The firm also criticized the open-ended nature of Singhania's remuneration package, which could exceed regulatory thresholds significantly.

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