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Tag: Advisory

  • Gautam Hari Singhania appointed as executive chairman of Raymond Lifestyle amid opposition by proxy advisory firms – Industry News

    Gautam Hari Singhania appointed as executive chairman of Raymond Lifestyle amid opposition by proxy advisory firms – Industry News

    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.



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  • Food Authority Issues Advisory On Unauthorised Use Of Liquid Nitrogen In Food And Drinks

    Food Authority Issues Advisory On Unauthorised Use Of Liquid Nitrogen In Food And Drinks

    The Food Safety and Standards Authority Of India (FSSAI) has issued an advisory against the use of liquid nitrogen in food and drinks at the point of sale. It has specifically cautioned restaurants, bars, food-serving establishments/caterers in fairs, marriages, etc. The FSSAI states that it has come across several instances of the use of this element “to make the food items like ice creams, cocktails, meetha paan, bakery items like biscuits, desserts, etc. more eye-pleasing or to add some theatre look at the time of serving.” However, such usage is “unauthorised” and the consumption of items infused with liquid nitrogen has led to serious health issues/injuries, it points out.
    Also Read:Remove “100% Fruit Juice” Claims From Labels, Ads: Food Authority’s Latest Directive
    “Liquid nitrogen which is illicitly being used directly at the point of serving/plating is not allowed as this is not the intended purpose/technological use of the additive and shall be considered as non-compliance by the food businesses doing so,” the FSSAI said. Furthermore, it clarified that the addition of liquid nitrogen at the point of sale, immediately before consumption, is not outlined in the Food Safety and Standards regulations. “It is intended to serve one or the other technological use… during food processing only”, reads the advisory.

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    Liquid nitrogen is gaseous at room temperature. Photo Credit: Pexels

    Also Read:Food Authority Warns Against Artificial Ripening Of Fruits Using Calcium Carbide
    Liquid Nitrogen (INS 941) is described as a “colourless, odourless gas or liquid” with the functional use of “freezing agent, propellant, packaging gas and foaming agent.” According to the FSS regulations, the element is permitted to be used in dairy-based desserts – Ice Cream at the GMP (Good Manufacturing Practice) level for the technological function of contact freezing and cooling only. “Any violation to this shall result in the initiation of statutory action against the Food Businesses in accordance with FSS Act, 2006 and rule/regulations made thereunder,” the food authority warned.

    In May 2024, a 12-year-old girl in Bengaluru had to be hospitalised after eating a “smoky paan” infused with liquid nitrogen at a wedding event. She was diagnosed with a condition called perforation peritonitis – a hole in the stomach. Liquid nitrogen has a very low boiling point (-196 degrees Celsius) and is gaseous at room temperature. Ingestion of such a low-temperature gas can be harmful – and even fatal – due to the effect of the extreme cold on the body.
    Also Read:Food Authority Asks Restaurants To Follow Rules Of Displaying Food Information

    About Toshita SahniToshita is fuelled by wordplay, wanderlust, wonderment and Alliteration. When she is not blissfully contemplating her next meal, she enjoys reading novels and roaming around the city.

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