Raymond has announced the re-appointment of Gautam Hari Singhania as the company’s managing director for a five-year term starting from July 1, 2024, according to an exchange filing.
“The re-appointment of Mr. Gautam Hari Singhania as Managing Director is contingent upon approval from the Company’s Members and adheres to the stipulations outlined in Stock Exchange circulars NSE/CML/2018/24 and BSE/LIST/COMP/14/2018-19, both dated June 20, 2018,” stated the company.
It further noted that Singhania’s re-appointment as Managing Director is subject to retirement by rotation.
Singhania, a graduate in commerce from the University of Mumbai, assumed the role of Chairman & Managing Director at Raymond Limited in September 2000. Since then, he has spearheaded the strategic restructuring of the Raymond Group, overseeing the divestment of non-core businesses such as Steel, Cement, and Synthetics. Following the divestments, the Group has solidified its position with a targeted, market-oriented strategy.
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“The group has achieved significant strides under Mr. Singhania’s leadership, with his vision aimed at elevating the Raymond Brand from one of India’s most respected to among the finest in the global markets,” stated the company.
“Driven by a passion for innovation and brand creation, Mr. Singhania has actively engaged in launching new products, effectively steering the Group towards enduring growth. Additionally, under his guidance, the Group has made a noteworthy entry into the real estate sector,” the statement continued.
Nawaz Modi-Singhania was ousted from the boards of three privately held companies within the Raymond Group: JK Investors (JKI) (Bombay), Raymond Consumer Care (RCCL), and Smart Advisory and Finserve.
The decision was reached during an Extraordinary General Meeting (EGM) held on March 31, as confirmed by the companies on Thursday. Despite challenging her removal from the boards of two of these companies, Modi-Singhania’s efforts were unsuccessful.
Modi-Singhania, caught in a contentious settlement dispute with her estranged husband and Raymond Group chief Gautam Singhania after their divorce announcement in November 2023, had been serving as a director in JKI since June 2015, in RCCL since December 2020, and in Smart Advisory & Finserve since October 2017.
Upon being informed of her removal from Smart Advisory and Finserve, as well as Raymond Consumer Care, Modi-Singhania voiced her grievances, declaring, “I have faced mistreatment ever since I began exposing Singhania for his wrongdoings. First the assault, and now the expulsion.”
“Smart Advisory and JK Investors (Bombay) are closely held businesses. In a letter to the firms, their shareholders expressed their lack of trust in Nawaz Modi-Singhania as a director and made a request for a shareholder meeting to be called in order to remove her from the boards. The boards of these businesses, which included Mrs. Singhania, got together on March 31 and scheduled Thursday’s shareholder meetings. As per the legal procedure, she has been dismissed from her position as a director,” a representative for JK Investors (Bombay) and Smart Advisory said.
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