Gautam Singhania Reappointed As Raymond MD
Shareholders were urged to vote against Singhania's appointment by Institutional Investor Advisory Services, a proxy advisory firm.
Gautam Hari Singhania was reappointed as Managing Director of Raymond Ltd., according to an exchange filing posted on BSE on Thursday.
Shareholders were urged to vote against Singhania's appointment by Institutional Investor Advisory Services, a proxy advisory firm, in light of his proposed renumeration, which they deemed too high in comparison to the company's size and complexity in comparison to his peers.
Singhania had resigned from his position due to instructions from IIAS. It had asked both Singhania and his ex-wife Nawaz Modi-Singhania to step down from the board until the independent investigation into Modi-Singhania's allegations of domestic abuse against her former husband and suspected misuse of company funds for personal benefit.
Singhania was also involved in a feud with his father, Vijaypat Singhania, who accused him of fraud and mistreatment.
Vijaypat Singhania claimed that his son had him unceremoniously "thrown out" from the office in 2015 and that his possessions (including his Padma Vibhushan award) were stolen after he inked the deal to have him inherit his 37% stake in the apparel company.
There were also reports of Singhania attempting to restrain the publishing of his father's autobiography, claiming that there was defamatory and false information in the manuscript that violated his right to privacy and divulged crucial and confidential information about the company's inner workings and transactions.
The plea was ultimately dismissed by the Bombay High Court in 2019.
In March of this year, Singhania's father denied any reconciliation with his son after photos emerged of the two of them together and said it might have been an alleged photo-op. He elaborated on a video posted to social media, saying that, "it was certainly not for coffee and not to resolve our differences."
