by Apparel Resources News-Desk
10-January-2019 | 3 mins read
Raymond Group Chairman Gautam Singhania has announced to step down as chairman from all group companies and dissociate himself from day-to-day functioning in order to build an organisation which can run independently without the involvement of the promoter.
It is to be noted that Singhania has already moved out from the chairman’s post for the FMCG entities and Raymond Apparel in November last year. Next in line would be the two engineering entities — JK Files and Ring Plus Aqua — for which he is looking for a chairman. Singhania may even move out from the top post of the flagship entity, Raymond Ltd.
The Singhania scion said that he is creating independent governance for each company and will ensure that the promoter family is away from day-to-day functioning. For future, he will focus on strategy, new product development, budget, set targets, compensation and public relations for the business. He added that he is ensuring that Raymond Group moves forward to a highly transparent governance structure.
“At Raymond Ltd, I don’t know how long I will be the chairman. Tomorrow morning if I die, god forbid, there are identified people who will take charge of everything. Raymond can run independently and competitively. My children are very young. I have a responsibility to my wife and children, to my employees and shareholders, my banks, institutions and customers.” – Gautam Singhania, Chairman, Raymond Group
The recent developments come even when his feud with his father Vijaypat Singhania continues to make the headlines. Singhania also said that he is ready to sit and discuss issues with his father and has also offered him to stay with his family.
Adding to this, Singhania added that his father has “hundreds of crores with him”, and insisted that he will be “indebted to anyone for life” who can manage to bring his father to stay with him.
The statements came after reports suggested that Vijaypat Singhania is writing a book that would likely deal with disputes he has with his family. Though Gautam Singhania had filed a suit last September seeking an injunction on his father’s proposed autobiography ‘The Incomplete Man’, it was dismissed by the court.
Vijaypat Singhania was removed from the chairman emeritus post at Raymond Group last October, who alleged that after he gifted his son Gautam his 37% stake worth Rs.1,000 crore in 2015, he was also denied his flat in South Mumbai.