Raymond Lifestyle announced that Gautam Hari Singhania has been appointed as the executive chairman of the company. Per a regulatory filing, out of the 100 per cent of 4,17,57,480 votes, 86.85 per cent were cast in favour of the resolution while the remaining 13.15 per cent were against the resolution of the appointment. The special resolution proposed in a Postal Ballot Notice dated November 04, 2024, Raymond Lifestyle said, have been passed with the requisite majority.
The remote e-voting commenced on November 05, 2024, at 9.00 am and ended on December 4, 2024, at 5.00 pm. Shareholders were asked to approve Gautam Singhania’s tenure, which is set to span from September 1, 2024, to August 31, 2029. However, concerns were raised by proxy advisory firms, Empowerment Services (SES) and Institutional Investor Advisory Services India (IiAS). According to media reports, they had asked the shareholders to reject the move, citing concerns over governance, transparency, and reputational risks. Per reports, SES also expressed reservations about his simultaneous full-time roles in Raymond and Raymond Lifestyle, the lack of an absolute cap on his variable pay and commission, and unclear restructuring plans.
Meanwhile, IiAS criticised the lack of detail in the proposed remuneration structure, noting the absence of a maximum cap and performance-linked metrics for commission payouts. It also underscored the reputational challenges linked to Gautam Singhania and said that he is undergoing divorce proceedings, during which his wife, Nawaz Modi, has accused him of domestic violence and misuse of company funds for personal gains.
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Earlier this year, Raymond Group had announced the demerger of the company. It had said that post completion of all formalities for both the Scheme of Arrangement, there will be three listed entities in the Raymond Group i.e. Raymond Limited, Raymond Lifestyle Limited and Raymond Realty Limited.
