On 13 November, Gautam Singhania announced separation from wife Nawaz Modi following which there have been reports of Modi asking for 75 per cent of the industrialist’s wealth as part of the divorce settlement.
Raymond s Independent Directors have retained Berjis Desai, a senior independent legal counsel, to advise the company amidst the ongoing marital dispute between Chairman and MD Gautam Singhania and Nawaz Modi. The Independent Directors aim to ensure the dispute does not impact the Chairman s ability to manage the company. Proxy advisory firm IiAS previously urged independent directors to appoint an interim CEO and investigate allegations of assault and misuse of company funds.
Raymond s Independent Directors have retained Berjis Desai, a senior independent legal counsel, to advise the company amidst the ongoing marital dispute between Chairman and MD Gautam Singhania and Nawaz Modi. The Independent Directors aim to ensure the dispute does not impact the Chairman s ability to manage the company. Proxy advisory firm IiAS previously urged independent directors to appoint an interim CEO and investigate allegations of assault and misuse of company funds.
Raymond has been very volatile this year, giving positive returns in 5 of the 11 months so far this year and negative in the remaining 6 months. It fell over 13 percent in November, extending losses for the third straight month since September.