The Raymond board has appointed Berjis Desai as senior independent legal counsel to advise on matters beyond their usual purview, including the dispute between Chairperson and Managing Director Gautam Singhania and his estranged wife, Nawaz Modi.
The Independent Directors have notified the exchanges that they are diligently overseeing the developments.
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Nawaz Modi, who sits on the board of more than half a dozen companies, including the listed entity, reportedly sought a family settlement that involved seeking 75% of Singhania's networth for her daughters. However, in subsequent media interviews, Nawaz claimed that Singhania has called off the settlement..
The Independent Directors have reiterated their commitment to protecting the interests of non-promoter minority shareholders, employees, and other stakeholders. They have also assured that these marital disputes will not affect Gautam Singhania's ability to effectively serve in his current roles and safeguard all stakeholders' interests.
The appointment of Desai comes after the Institutional Investor Advisory Services (IiAS) urged Raymond's directors to launch an independent investigation into the matter.
Berjis Desai is not affiliated with the company's promoter or Raymond itself.
(Edited by : Shweta Mungre)
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