Gautam Singhania reappointed as Raymond MD for five years, new term starts from July 1

Raymond has appointed Gautam Hari Singhania as the firm's Managing Director for another five years. This decision was approved by shareholders at the Annual General Meeting on June 27.

Singhania's new term will start on July 1, 2024. In a statement to the stock exchanges, Raymond said, "The shareholders of the company at their Annual General Meeting (AGM) held today have approved the re-appointment of Mr. Gautam Hari Singhania (DIN: 00020088) as Managing Director for a term of five years effective from July 1, 2024, along with remuneration."

The company confirmed that this re-appointment complies with the requirements outlined in the Stock Exchange circulars. The decision comes after a recommendation from a proxy advisory firm advising shareholders of Raymond, a leading textile and fabric manufacturer, to vote against the reappointment of Singhania. 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.