Will safeguard interests of shareholders, say Raymond's independent directors
concerns raised by proxy advisory firm Institutional Investor Advisory Services India Ltd (IiAS) amid the public spat between Singhania and his wife. In an open letter to the independent directors, the proxy firm requested them to assuage the concerns of the investors and other stakeholders, probe the allegations against the promoters, and protect the company.
The independent directors clarified that “neither legal requirements nor corporate governance standards mandate them to investigate such matrimonial disputes". Last month, Singhania had announced his separation from his partner of 32 years, Nawaz , a board member as well, through social media posts.
Subsequently, Nawaz demanded 75% of his $1.4 billion net worth for herself and her daughters as a settlement. She also alleged that Gautam has been using company funds for personal benefits.
Singhania, in an email to the board and staff, had ascertained that it is business as usual at Raymond. "Even in these difficult times for me, I assure you that at Raymond, it is business as usual.
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