Raymond board approves re-appointment of Gautam Singhania as MD for 5 years w.e.f. July 1, 2024

Gautam Hari Singhania

Raymond announced that at the Annual General Meeting (AGM) held on June 27, shareholders approved the re-appointment of Gautam Singhania as Managing Director for a term of five years, effective July 1, 2024

In a statement to the stock exchanges, Raymond said, "....This is to inform you that the shareholders of the Company at their Annual General Meeting (“AGM”) held today, have approved the re-appointment of Mr. Gautam Hari Singhania (DIN: 00020088) as Managing Director for a term of five (5) years effective from July 1, 2024 alongwith remuneration."

The company confirmed that the re-appointment aligns with the requirements stipulated by the Stock Exchange circulars NSE/CML/2018/24 and BSE/LIST/COMP/14/2018-19 both dated June 20, 2018.

On May 3, Raymond's board re-appointed Gautam Singhania as Managing Director of the company, stating that the appointment is subject to approval by the company's members.

Gautam Singhania has been on the board of Raymond since April 1, 1990. In FY24, Singhania was paid around Rs 20 crore, almost 500 times higher than the median salary of Raymond's employees.

Gautam Singhania was in the news recently when Proxy advisory firm Institutional Investor Advisory Services (IiAS) had urged Raymond shareholders to vote against his re-election as the Managing Director.

Currently, Singhania is in the middle of a bitter settlement dispute with his estranged wife Nawaz Modi Singhania after announcing their divorce in November 2023. Singhania has faced accusation of domestic violence by estranged spouse Nawaz Modi, who also stated that he misused company funds for personal use.

In the March quarter, the company's consolidated net profit rose 18 percent at Rs 229 crore as against Rs 194 crore in the year-ago period, buoyed by strong demand for its real-estate segment.