In a bid to prevent any disruptions to the business operations of Raymond Ltd, the independent directors have assured shareholders that they are closely monitoring the ongoing matrimonial dispute involving Gautam Singhania, the company’s Chairman and Managing Director.
Their priority is safeguarding the interests of shareholders, employees, and other stakeholders.
To ensure unbiased guidance, the independent directors have retained the services of Berjis Desai, a senior independent legal counsel with no ties to the promoters or the company. This move demonstrates the directors’ commitment to impartial decision-making.
While the directors understand the situation’s sensitivity, they clarified that it falls outside their purview to investigate or delve into the merits of the matrimonial dispute. Their focus remains steadfast on protecting the company and its stakeholders.
Recently, Institutional Investor Advisory Services (IiAS) urged the independent directors to appoint an interim CEO and initiate an investigation into allegations of assault made against Gautam Singhania by his wife and daughter. IiAS further recommended that both Singhania and his estranged wife temporarily step away from their board responsibilities.
Responding to these suggestions, the independent directors emphasized the importance of retaining independent legal counsel to safeguard their interests. They also highlighted Mr. Singhania’s commitment to the company’s smooth functioning, assuring its employees and board members that it is “business as usual” despite his personal challenges.
The announcement of the separation between Gautam Singhania and his wife Nawaz adds further complexity to their 32-year-long relationship, leaving unanswered questions on the future of Raymond Ltd. Nevertheless, the independent directors are determined to uphold their fiduciary duty and protect the interests of all stakeholders as the situation evolves.
