New Delhi: Institutional Investor Advisory Services (IiAS) has urged Raymond Shareholders to vote against the reappointment of Gautam Singhania as Chairman and Managing Director at the upcoming Annual General Meeting (AGM). The upcoming Annual General Meeting (AGM) is to be held on June 27. The proxy advisory firm has also called for the removal of both Gautam Singhania and his estranged wife, Nawaz Modi from their positions.
IiAS stated, “Until the divorce issues are settled and an independent investigation is completed, we expect both Gautam Singhania and Nawaz Modi to step off the board.” After all these accusations, Raymond’s board still decided to propose the reappointment of Gautam Singhania for another five-year term. (Also Read: Nvidia Surpasses Microsoft, Apple To Become World’s Most Valuable Publicly Traded Company)
Institutional Investor Advisory Services) has highlighted that no updates have been provided since December 2023 on any independent investigation into the allegations. Meanwhile, IiAS is urging shareholders to safeguard the company from internal disputes among promoters. (Also Read: Ixigo CEO Shares Then Vs Now Pic –From A Humble One-Room Office To Stock Market Listing)
Further, IiAS also raised concerns about Gautam Singhania’s proposed remuneration. They called it excessive for the size of the business and not aligned with industry standards. The proposed structure, effective from July 2024 to June 2027 could see Singhania’s pay exceed regulatory limits to around Rs 35 crore over 5 per cent of the profit for FY24.