Raymond’s shareholders have voted to reappoint Gautam Singhania as chairman and managing director for another five-year term, starting from 1st July. The decision received 94.24 per cent of the vote in favour of his reappointment.
Additionally, the shareholders approved Singhania’s proposed remuneration with 84.88 per cent of the vote.
However, Institutional Investor Advisory Services India Limited (IiAS), acting as a proxy advisory firm, recommended shareholders vote against Singhania’s reappointment. IiAS called for an independent investigation into allegations made by Singhania’s estranged wife, Nawaz Modi, which include domestic violence and misappropriation of funds. IiAS suggested that both Singhania and Modi step down from Raymond’s board of directors despite their settled divorce.
IiAS also expressed concerns about the proposed remuneration structure for Singhania, noting it lacks a maximum earnings cap. As an Indian proxy firm, IiAS provides voting recommendations to shareholders of Indian-listed companies.