New Delhi, Textiles and fabric maker Raymond Ltd on Thursday said its shareholders have approved the reappointment of Gautam Hari Singhania as managing director for five years with effect from July 1, 2024, with his proposed remuneration.
"The company's shareholders have approved the reappointment of Singhania at its annual general meeting (AGM) held today (June 27)," Raymond Ltd. said in a regulatory filing.
Proxy advisory firm, IiAS, had asked Raymond's shareholders to vote against the reappointment of Chairman and Managing Director Gautam Singhania to the company's board.
IiAS had demanded an independent investigation into allegations of misappropriation of funds and domestic violence by his estranged wife Nawaz Modi by the company's board.
Additionally, it has also asked Singhania and Nawaz Modi to step down from the board of Raymond until the divorce-related issues are resolved and the results of the independent investigation are known.
Furthermore, IIAS had also recommended Raymond's shareholders to vote against the proposed remuneration structure for Singhania, claiming that it allows him to be paid more than the regulatory limit.
“The remuneration structure allows him to be paid in excess of the regulatory limit, which could exceed Rs 350 million based on FY24 profits alone. The board should provide a ceiling on remuneration, and not leave it open with significant headroom for potentially excessive remuneration,” it had said.
"The company's shareholders have approved the reappointment of Singhania at its annual general meeting (AGM) held today (June 27)," Raymond Ltd. said in a regulatory filing.
Proxy advisory firm, IiAS, had asked Raymond's shareholders to vote against the reappointment of Chairman and Managing Director Gautam Singhania to the company's board.
IiAS had demanded an independent investigation into allegations of misappropriation of funds and domestic violence by his estranged wife Nawaz Modi by the company's board.
Additionally, it has also asked Singhania and Nawaz Modi to step down from the board of Raymond until the divorce-related issues are resolved and the results of the independent investigation are known.
Furthermore, IIAS had also recommended Raymond's shareholders to vote against the proposed remuneration structure for Singhania, claiming that it allows him to be paid more than the regulatory limit.
“The remuneration structure allows him to be paid in excess of the regulatory limit, which could exceed Rs 350 million based on FY24 profits alone. The board should provide a ceiling on remuneration, and not leave it open with significant headroom for potentially excessive remuneration,” it had said.
