Raymond Independent Directors Assert Their Position

Amidst escalating tensions between Raymond’s promoter directors, independent directors of the company have clarified their stance regarding the ongoing matrimonial disputes. In a statement, they emphasized that there is no legal obligation for them to intervene in such matters.

Upholding Corporate Governance

The independent directors affirmed their commitment to safeguarding the interests of non-promoter minority shareholders, employees, and stakeholders. They assured stakeholders that they are closely monitoring the situation to prevent any adverse impact on the company’s affairs and business operations.

Proactive Measures

In response to the evolving situation, the independent directors pledged to remain vigilant and take proactive measures as needed to protect the interests of all stakeholders. They announced the retention of Berjis Desai, a senior independent legal counsel with no affiliations to the promoters or the company, to provide expert advice.

Transparency and Accountability

Maintaining transparency and accountability, the independent directors promised to act impartially and prioritize the overall interests of the company and its non-promoter shareholders. They committed to promptly communicate any significant developments or remedial actions that may affect the company.

Corporate Governance Advisory Firm’s Concerns

Corporate governance advisory firm, Institutional Investor Advisory Services India Limited (IiAS), had raised concerns about the silence of independent directors regarding the serious allegations made by Nawaz Modi Singhania against Gautam Singhania. They urged the independent directors to address the situation and avoid a prolonged conflict that could harm the company’s reputation and shareholder value.

Conclusion

As Raymond navigates through this challenging period, the independent directors reaffirmed their dedication to upholding corporate governance standards and protecting the interests of all stakeholders. Their proactive approach and commitment to transparency are essential in ensuring the company’s stability and maintaining investor confidence.