Proxy advisory urges Raymonds independent directors to probe assault allegations

Gautam Singhania, the CMD had publicly announced his separation from his wife Nawaz Modi on November 13.

In the aftermath, Nawaz Modi, also a board member, had alleged that she and her daughter were physically assaulted by Singhania in September 2023.

On November 28, 2023, Institutional Investor Advisory Services (IIAS), an Indian proxy advisory firm, said in an open letter that the independent directors need to communicate with investors and other stakeholders, assuage their concerns and “articulate a course of action they have taken following these public allegations”.

“In the interest of the company and safeguard the interests of a larger set of stakeholders, we urge you to undertake an independent investigation into the allegations of both, assault and CEO excesses,” IIAS said.

CMD has reached out to the company’s board and employees in an internal communication to assure them that the messy divorce settlement proceedings and public fallout with his estranged wife Nawaz Modi will not have any impact on the company and it’s businesses.

Raymond in the last couple of years is undergoing a significant restructuring exercise to bring the group back on track and it seems that they have been on the right course (check Raymond event tracker).

The subject topic can unnecessarily derail the process and hence it’s better that the same gets concluded asap.

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