Raymond's independent directors have taken a proactive step by engaging senior legal counsel, Berjis Desai, to guide them through the ongoing marital discord between Chairman Gautam Singhania and his estranged wife, Nawaz Modi. In response to the situation, the IDs emphasized their vigilance and assurance to protect stakeholders' interests while maintaining a dispassionate approach.
The IDs clarified that while they remain watchful, they aren't mandated to delve into the personal disputes between the company's promoter directors. This move follows allegations of assault made by Modi against Singhania, prompting proxy advisory firm IiAS to recommend an investigation by the IDs.
Meanwhile, Singhania assured the company's normal functioning, addressing employees and the board, emphasizing that his personal life should not affect the company's dignity. This comes amidst Raymond's recent financial report, citing a slight profit increase in Q2 FY24, even as the company.
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Gautam Singhania's family feud
Earlier November, Singhania announced that he has separated from his wife Nawaz, in an announcement that comes amid speculation over the future of their 32-year relationship.
The billionaire industrialist, whose net worth is reported to be over Rs 11,000 crore, made the announcement over microblogging platform X, saying it was not the same Diwali as in the past.
The industrialist is helming the multi-decade old group having roots in textiles, which branched out into newer ones like real estate. The couple has two children.