Advisory firm against Gautam Singhania's reappointment to Raymond's board

A proxy advisory firm has recommended the shareholders of the leading textile and fabric manufacturer Raymond to vote against the reappointment of Chairman & Managing Director Gautam Singhania on the board of the company.

It has called for an independent investigation into the accusations of domestic violence and misappropriation of funds raised by his estranged wife Nawaz Modi by the board of the company.

Moreover, it has also called for Gautam Singhania and Nawaz Modi to step off the board of Raymond until divorce-related issues are settled and the results of an independent investigation are received.

Besides, the proxy advisory firm IIAS has also recommended Raymond shareholders to vote against the proposed remuneration structure for Singhania claiming that it allows him to be paid in excess of regulatory thresholds.

An e-mail sent to Raymond remained unanswered by the time of filing of the story.

Raymond is conducting its Annual General Meeting on June 27, in which it has ...