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  • 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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  • Gautam Singhania: ‘Say no to Gautam Singhania as Raymond Lifestyle chairman’

    Gautam Singhania: ‘Say no to Gautam Singhania as Raymond Lifestyle chairman’

    Mumbai: Two corporate governance advisory firms – Stakeholders Empowerment Services (SES) and Institutional Investor Advisory Services India (IiAS) – have recommended shareholders of Raymond Lifestyle to vote against Gautam Singhania’s appointment as executive chairperson. The proxy advisors cited Singhania’s appointment ahead of the board approval, concerns over remuneration policies and potential “reputational risks” as among the key reasons for the recommendation.

    The company is seeking shareholders’ approval for the appointment of Gautam Singhania as the executive chairman for five years from September 1, 2024, to August 31, 2029. The e-voting, which started on November 5, will conclude on December 4.

    Raymond did not respond to ET’s queries.

    SES said the company went ahead and appointed Singhania as the executive chairman before getting the board’s approval. According to the proxy advisor, “excessive time commitments” due to holding two full-time positions, the absence of an absolute cap on the variable pay and commission, and a lack of clarity on business restructuring are among the reasons for its recommendation.

    The lifestyle business of Raymond was demerged into Raymond Lifestyle which was listed separately on September 5. Singhania holds executive positions on the boards of both Raymond and Raymond Lifestyle.

    SES said an individual should not hold more than one full-time position unless the directorships are held in companies engaged in similar lines of business.The stock, which listed at ₹2,850 on September 5, has declined 28.5% since then to close at ₹2,026 on the BSE on Monday.IiAS said that Raymond has not provided any details regarding the commission payable to him.

    “The proposed remuneration structure is open-ended with limited contours, which limits our ability to estimate aggregate remuneration,” said IiAS in a note to shareholders. “There is no maximum cap on the remuneration, no disclosures on the performance targets required to be achieved for the commission to be paid, nor any clarity on whether malus or clawback clauses have been built into the remuneration structure.”

    Promoters held 54.67% stake in the company as of September 30, 2024, while foreign portfolio investors held a 12.63% stake and domestic institutional investors 7.89%.

    According to the firm, Singhania is currently undergoing divorce proceedings and his wife, Nawaz Modi, has accused him of domestic violence and alleged that he has used company funds for personal benefits.

    “The board has not issued an update since their last statement in December 2023, and it is unclear if it has sought an independent investigation into these accusations,” IiAS said.

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