Raymond board appoints Berjis Desai independent counsel to advise board on the promoter family spat

economictimes.indiatimes.com:

Raymond has appointed Berjis Desai senior independent legal counsel to advise the board on affairs that lie outside their remit, the company said in a stock exchange filing.

'Independent directors have over the last few weeks been monitoring the situation so far as it affects the company and minority shareholders, and reiterate their commitment yo protect at all times tbe interest of non promoter shareholders, employees and stakeholders' tbe filing said.

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Proxy advisory firm urges independent directors of Raymond to investigate allegations against chairman Gautam Singhania; asks directors to take time off during investigation; suggests appointment of interim CEO

Worried about the substantial drop in stock prices due to investor concerns stemming from the family dispute, Gautam Singhania, the chairman and managing director of Raymond, had also sent an email to the company's board and employees, assuring them that business is proceeding as usual.

The communication was intended to alleviate concerns arising from Gautam Singhania's estranged wife, Nawaz Modi, asserting a claim to 75% of the industrialist’s estimated $1.4 billion wealth for their two daughters and herself as part of a family settlement.

Proxy advisory firm has urged the independent directors of Raymond Limited to probe into the allegations against Chairman and Managing Director (CMD) Gautam Singhania made by his estranged wife Nawaz Modi and ask both of them to keep off the Board during the course of the