Raymond Independent Directors Monitor Situation Post Gautam Singhania's Divorce; Retain Independent Legal Counsel

The independent directors at Raymond Ltd on Friday said that they are actively monitoring thw the situation arrising from the matrimonial dispute involving the company's Chairman and Managing Director, Gautam Singhania. Their primary aim is to ensure that this issue does not affect his ability to manage the company's affairs and business operations.

The Independent Directors, through an exchange filing said, "The Independent directors (ID), over the last few weeks, have been meeting and monitoring the situation so far as it affects the Company and the minority shareholders; and reiterate their commitment to protect, at all times, the interests of non-promoter minority shareholders, employees and other stakeholders."

"The ID are alert to ensure that the matrimonial disputes between the two promoter directors do not in any manner affect the capacity of the Chairman & Managing Director to manage the affairs and business of the Company.However, it may be appreciated that neither any law nor any corporate governance standard requires ID to enquire into, investigate, or delve into the merits or otherwise, of such matrimonial disputes, which lie beyond the remit of the ID."

"The ID shall continue to exercise utmost vigilance in watching the evolving situation and shall not hesitate to proactively initiate measures, the moment required, to protect the interests of all stakeholders." "The ID have decided to retain Mr. Berjis Desai, senior independent legal counsel, who has no links with the promoters or the Company, for advising the ID."

"The ID would like to assure the stakeholders that the ID shall act dispassionately. The paramount consideration shall always be the interests of the Company as a whole and its non-promoter shareholders. Any material development or remedial measures which impacts the Company shall be forthwith communicated in a spirit of complete transparency," the exchange filing said.

Gautam Singhania Announces Separation From Wife

Gautam Singhania, the Chairman and Managing Director of Raymond Ltd., on Novembermade an announcement regarding his decision to separate from his wife, Nawaz Modi Singhania, after 32 years of marriage.