Raymond Appoints Berjis Desai As Independent Legal Counsel To Advise The Board

Raymond has appointed Berjis Desai as senior independent legal counsel to provide advice on matters beyond the scope of the current legal team, according to a stock exchange filing. The filing also states that independent directors have been closely monitoring the situation to safeguard the interests of non-promoter shareholders, employees, and stakeholders.

In response to concerns about a drop in stock prices due to a family dispute, Raymond’s Chairman and Managing Director, Gautam Singhania, reassured the board and employees in an email that business is running as usual. The family dispute involves Singhania’s estranged wife, Nawaz Modi, claiming a significant portion of Singhania’s wealth for their two daughters and herself.

A proxy advisory firm has recommended that independent directors of Raymond investigate the allegations against Gautam Singhania made by his estranged wife and suggested that both parties stay away from the board during the investigation. Institutional Investor Advisory Services (IiAS) sent a letter addressing the Independent Directors Mukeeta Jhaveri, Ashish Kapadia, Dinesh Lal, K Narsimha Murthy, and Shiv Surinder Kumar, urging them to protect the company’s interests if necessary.