New Delhi, Textiles and fabric maker Raymond Ltd on Thursday said its shareholders approved the reappointment of Gautam Hari Singhania as Chairman and Managing Director for a period of five years with effect from July 1, 2024, along with his proposed remuneration. Is.
"The company's shareholders have approved the reappointment of Singhania at its annual general meeting (AGM) held today (June 27). The AGM began at 3 pm and will conclude at 4:05 pm," Raymond Ltd said in a regulatory filing. Ended." Sign in.
Raymond's shareholders approved the ordinary resolution appointing Singhania for the next five years with 94.24 percent votes. Shareholders also approved a special resolution for their remuneration with 84.88 percent votes.
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 outcome of the independent investigation is known.
Furthermore, IIAS had also recommended Raymond's shareholders to vote against the proposed remuneration structure for Singhania, claiming that it allows him to pay more than the regulatory limit.
“The remuneration structure allows him to be paid in excess of the regulatory limit, which, based on FY24 profits alone, could exceed Rs 350 million. The board should provide a maximum cap on remuneration, and not leave it open to potential.” “Significant headroom has been created for higher remuneration,” it had said.
"The company's shareholders have approved the reappointment of Singhania at its annual general meeting (AGM) held today (June 27). The AGM began at 3 pm and will conclude at 4:05 pm," Raymond Ltd said in a regulatory filing. Ended." Sign in.
Raymond's shareholders approved the ordinary resolution appointing Singhania for the next five years with 94.24 percent votes. Shareholders also approved a special resolution for their remuneration with 84.88 percent votes.
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 outcome of the independent investigation is known.
Furthermore, IIAS had also recommended Raymond's shareholders to vote against the proposed remuneration structure for Singhania, claiming that it allows him to pay more than the regulatory limit.
“The remuneration structure allows him to be paid in excess of the regulatory limit, which, based on FY24 profits alone, could exceed Rs 350 million. The board should provide a maximum cap on remuneration, and not leave it open to potential.” “Significant headroom has been created for higher remuneration,” it had said.
