In Short:
Proxy advisory firm, Institutional Investor Advisory Services, is advising Raymond shareholders to vote against Gautam Singhania’s re-election as Chairman and Managing Director. The firm wants Singhania and his estranged wife removed from their positions until their divorce proceedings are completed due to allegations of domestic violence and fund diversion. IiAS believes separating the company from their dispute is in the interest of stakeholders.
Proxy Advisory Firm Urges Raymond Shareholders to Vote Against Re-electing Gautam Singhania as Chairman
Hey there, folks! Big news in the corporate world – Institutional Investor Advisory Services (IiAS), a proxy advisory firm, is calling on Raymond shareholders to think twice before voting to re-elect Gautam Singhania as Chairman and Managing Director. The company’s AGM is just around the corner on June 27.
Why the Call to Remove Singhania?
The reason behind this call is rooted in the personal lives of Singhania and his estranged wife, Nawaz Modi. IiAS is urging the board to remove them from their positions until their divorce proceedings are finalized. Singhania has been a part of the Raymond board for a whopping 31 years now, beginning on April 1, 1990.
Allegations and Lack of Clarity
Serious allegations of domestic violence and potential funds diversion have been surfacing. IiAS is questioning the lack of transparency from the board regarding any independent investigations that may have taken place. With both Singhania and Modi still holding key roles in the company amid a messy divorce battle, it’s in the best interest of all stakeholders to keep the company clear of the personal drama, says IiAS.
Salary Disparities
As if that wasn’t enough, recent figures reveal that Singhania was paid a hefty sum of about Rs 20 crore last fiscal year, a staggering 500 times more than the median salary of Raymond’s employees.
Stay tuned for more updates as this story unfolds!
