Gautam Singhania has once again been appointed CEO of Raymond.
Amidst all the allegations, Gautam Singhania has been appointed as the Managing Director of Raymond Limited again. While a few days ago the news came that until the dispute of Gautam Singhania with his wife is resolved, he may have to stay off the board. On the contrary, the shareholders have given him the go-ahead to take up the post of Managing Director again. Also, his salary proposal has been approved. After this decision, there may be a surge in the company’s shares on Friday, i.e. today. Let us also tell you what kind of information Raymond has given to the stock market?
Gautam Singhania became a doctor again
Shareholders of textile manufacturer Raymond Limited have approved the re-election of Gautam Hari Singhania as Managing Director (MD) for five years with effect from July 1, 2024, and his proposed remuneration. Raymond Limited said in a stock exchange filing on Thursday that the company’s shareholders approved Singhania’s re-election at its Annual General Meeting (AGM) held on June 27. IIAS, the proxy advisory firm representing the shareholders, had asked Raymond shareholders to vote against the re-election of Chairman and Managing Director (CMD), Gautam Singhania, to the company’s board.
What did the IIAS say?
IIAS had demanded an independent probe by the company’s board of directors into allegations of domestic violence against Singhania and misappropriation of funds raised by his ex-wife Nawaz Modi. The company has also asked Singhania and Nawaz Modi to resign from Raymond’s board of directors until issues related to the divorce are resolved and results of the independent investigation are obtained. IIAS had recommended Raymond shareholders to vote against the proposed remuneration structure for Singhania. It was claimed that this allowed them to make payments that exceeded the regulatory limit.
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Stocks can become rockets
Following this decision, a rise in the company’s shares is expected on Friday. If we talk about Thursday, the company’s shares fell. According to the data, the company’s shares closed at Rs 2,964.55 on Thursday down by Rs 25.65. During the trading session, the company’s stock also touched the day’s lowest level of Rs 2,873.80. However, the company’s shares opened at Rs 3,014.75. What is special is that Raymond shares experienced a 34 percent increase in the month of June.
