Raymond on Thursday said its shareholders have approved the reappointment of Gautam Hari Singhania as the managing director for five years, effective July 1, along with his proposed remuneration.
Proxy advisory firm IiAS had asked shareholders of Raymond to vote against the reappointment of Singhania as the chairman and managing director on the board of the company.
IiAS had 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. It also called for Singhania and Nawaz Modi to step off the board of Raymond until the divorce-related issues are settled and the results of an independent investigation are received.
Realty has Rs 14 trillion finance opportunity between 2024-26, says report
Electronics, chip firms line up Rs 3-trillion kitty over five years
Residential sales on the decline in IT hubs
Titan, Kalyan boost online play to fast-track growth
Besides, IiAS had 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.
From: financialexpress
Financial News
