Raymond has reappointed GautamHariSinghania as its Managing Director for another term of five years, effective from July 1, 2024.
This decision follows a recommendation by a proxy advisory firm for shareholders to vote against the reappointment of Chairman and Managing Director GautamSinghania. The firm has called for an independent investigation into accusations of domestic violence and misappropriation of funds raised by Singhania's estranged wife, Nawaz ModiSinghania. The advisory firm also recommended that both GautamSinghania and Nawaz ModiSinghania step down from the board of Raymond until the divorce-related issues are resolved and the investigation results are received.
Additionally, the National Company Law Tribunal (NCLT) has approved Raymond’s composite scheme of arrangement and restructuring. This involves the demerger of its lifestyle business and the amalgamation of its consumer trading arm, which will facilitate a more focused and streamlined corporate structure. The NCLT approval allows for the separation of Raymond and Raymond Lifestyle, with Ray Global Consumer Trading being integrated into the new structure.
For the quarter ending March 2024, Raymond reported an 18 per cent rise in consolidated profit after tax to Rs 229 crore as compared Rs 194 consolidated profit after tax recorded in the same quarter last year.
