Business

Concerns from investors prompt Raymond directors to respond to Gautam Singhania’s divorce

The stock of Gautam Singhania, the managing director and chairman of Raymond Group, has been negatively impacted by allegations of domestic violence. He is currently finalizing the terms of his divorce from his estranged wife, Nawaz Modi Singhania. Nonetheless, the Raymond Group’s independent directors have declared that they will do everything within their power to shield the company’s investors from Gautam Singhania and Nawaz Modi’s marital discord.

The announcement was made a few days after Indian proxy advisory firm Institutional Investor Advisory Services (IIAS) urged the independent directors to look into accusations of assault against Gautam Singhania and to get in touch with investors and other stakeholders to allay their fears.

Also Read: “Congress aims 50 % of CM are women in next 10 years”: Rahul Gandhi

A temporary CEO should be appointed, according to IIAS’s recommendation, given the controversy surrounding Singhania and Modi’s divorce settlement. To date, though, the independent directors have not acknowledged implementing any such alterations to the organization’s structure.

The situation as it “affects” the company and minority shareholders has been the subject of meetings by the independent directors over the past few weeks, they said. According to the statement, they “must not hesitate to proactively initiate measures, as needed, to protect the interests of all stakeholders.”

Also Read: “India is example of balance between ecology and economy”: PM Modi at COP28 summit

The Raymond Group’s independent directors have expressed concern after the news of Singhania’s divorce surfaced and the company’s shares fell precipitously for 12 straight days. The share price of Raymond dropped more than 21% over a 12-session period.

War over Gautam Singhania and Nawaz Modi’s divorce

MD Raymond On November 13, Gautam Singhania made an announcement on the social media platform X about his divorce from his estranged wife, Nawaz Modi Singhania. To provide financial support for raising their two daughters, Modi and her attorneys allegedly requested in the divorce settlement 75% of the billionaire’s net worth.

A few days later, Nawaz Modi made grave accusations of domestic abuse against Singhania, saying the billionaire had repeatedly beaten her and their young daughter Niharika.

Naiteek Bhatt

Recent Posts

Survey Shows Over 88% Indians Trust PM Modi On National Interest & Security

A recent News18 survey reveals that more than 88 per cent of Indians trust Prime…

26 mins ago

PM Modi: NDA Government Has Redefined Women-Led Development Over 11 Years

Marking 11 years of the NDA govt at the Centre, PM Modi stated that women-led…

57 mins ago

Team India Begins Training In England Ahead Of Test Series Opener

Team India, led by new captain Shubman Gill, has commenced training in England ahead of…

1 hour ago

Five Districts In Manipur Face Internet Shutdown Following Unrest

Manipur suspended internet in five districts for five days after protests over arrest of a…

4 hours ago

Shashi Tharoor Criticises Pakistan: “In Pakistan You Get Rewarded For Promoting Terrorism”

Shashi Tharoor condemns Pakistan’s treatment of Dr Shakil Afridi, who helped the US locate Osama…

4 hours ago

How To Read Food Labels & Make Smarter Grocery Choices

Reading food labels helps you make informed, healthier choices by understanding nutrition facts & picking…

4 hours ago