shareholders give approval for reappointment of Gautam Singhania as CMD

Textile giant Raymond’s shareholders have voted to approve the appointment of Gautam Singhania as chairman and managing director for another period of five years, beginning from July 1.

“The shareholders of the company at their Annual General Meeting held today [June 27] have approved the re-appointment of Singhania,” announced Raymond Limited in a regulatory filing, India Retailing reported. “The AGM commenced at 3 pm and concluded at 4:05 pm.”
 
The shareholders also approved Singhania’s proposed remuneration with 84.88% of the vote. A total of 94.24% of the vote was in favour of the decision to reappoint him as chairman and managing director.
 
Acting as a proxy advisory firm, the Institutional Investor Advisory Services India Limited (IiAS) has advised the business’ shareholders to vote against Singhania’s reappointment as chairman and managing director. IiAS also called for an independent investigation into claims made by Singhania’s estranged wife Nawaz Modi which include domestic violence and the misappropriation of funds. IiAS advised that, while Singhania and Modi’s divorce is settled, both step off Raymond’s board of directors.
 
The firm also raised its doubts over the proposed remuneration structure for Singhania as it does not have a maximum cap on his earnings. IiAS is an Indian proxy firm which gives voting recommendations to shareholders of Indian listed companies.