Probe assault charges, proxy advisory firm urges Raymond’s independent directors
Live MintNew Delhi: Independent directors of Raymond Limited should ask the promoters of the company to step aside in the wake of serious accusations against chairman and managing director Gautam Singhania, said proxy advisory firm Institutional Investor Advisory Services India Limited. In an open letter to the independent directors of the company, the firm requested them to assuage the concerns of the investors and other stakeholders, probe the allegations against the promoters, and protect the company. We recognize that asking the promoters to step aside is not easy – but as independent directors, you have a fiduciary responsibility towards minority investors, employees, and a larger set of the company’s stakeholders. Singhania, meanwhile, has assured his employees and board members of the "smooth functioning" of the company amid the public spat between him and his estranged wife Nawaz Modi.
History of this topic
Gautam Singhania faces calls to step down from Raymond's board: 'Until divorce with Nawaz Modi is settled'
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Nawaz Modi-Singhania ousted from Raymond Group companies amid divorce dispute
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Probe Nawaz Modi, Gautam Singhania issue: IiAS to Raymond's independent directors
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Gautam Singhania family feud: Raymond stock crumbles as mcap falls
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