{"id":76111,"date":"2024-06-19T03:14:34","date_gmt":"2024-06-19T03:14:34","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/19\/vote-against-singhanias-re-election-to-raymond-board-times-of-india\/"},"modified":"2024-06-19T03:14:34","modified_gmt":"2024-06-19T03:14:34","slug":"vote-against-singhanias-re-election-to-raymond-board-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/19\/vote-against-singhanias-re-election-to-raymond-board-times-of-india\/","title":{"rendered":"&#8216;Vote against Singhania&#8217;s re-election to Raymond board&#8217; &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/i0.wp.com\/static.toiimg.com\/photo\/msid-111095756,imgsize-742306.cms?resize=1280,720&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"&#8216;Vote against Singhania&#8217;s re-election to Raymond board&#8217; &#8211; Times of India\" title=\"&#8216;Vote against Singhania&#8217;s re-election to Raymond board&#8217; &#8211; Times of India\" \/><\/div>\n<div>MUMBAI: Leading <!-- -->proxy voting advisory firm<!-- --> Institutional Investor Advisory Services (<!-- -->Iias<!-- -->) has recommended to vote against the <!-- -->re-election<!-- --> of <!-- -->Gautam Singhania<!-- --> (59) to the board of <!-- -->Raymond<!-- --> ahead of the company&#8217;s <!-- -->annual shareholder meet<!-- --> on June 27. <br \/>Singhania, who has been on the board of Raymond since 1990 and who is in the midst of <!-- -->divorce proceedings<!-- -->, has been accused of domestic violence as well as of using company funds for personal benefits by his estranged spouse Nawaz Modi. <br \/>According to Iias, the board has not provided clarity whether an independent investigation has been undertaken into these accusations and if so, what were the conclusions of this evaluation. &#8220;It is now for the shareholders to shield the company from this intra-promoter dispute. Hence, we do not support Singhania&#8217;s reappointment to the board,&#8221; it said.<br \/>Raymond offered no comment on the Iias report. <br \/>Reappointment of Singhania<!-- --> as a director falls under ordinary resolution and according to rules, an ordinary resolution needs 50% of the votes to be cast in its favour. <br \/>Iias has also criticised Singhania&#8217;s proposed <!-- -->remuneration<!-- --> structure from July 2024 to June 2027 as it exceeds regulatory thresholds. In FY24, Singhania&#8217;s remuneration was about Rs 20 crore and the CMD&#8217;s FY25 remuneration is estimated to be around Rs 23 crore. &#8220;The proposed remuneration structure is open-ended with limited contours,&#8221; said Iias, &#8220;allowing <!-- -->Singhania<!-- --> to get remuneration in excess of 5% of the company&#8217;s profits &#8211; which could be Rs 35 crore&#8221;. It further said Singhania&#8217;s proposed remuneration is also high compared to peers.<\/div>\n<p><script>!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n          var s = document.createElement('script');\n          s.src=\"https:\/\/survey.survicate.com\/workspaces\/0be6ae9845d14a7c8ff08a7a00bd9b21\/web_surveys.js\";\n          s.async = true;\n          var e = document.getElementsByTagName('script')[0];\n          e.parentNode.insertBefore(s, e);\n        })(window);\n      }\n    }\n    window.TimesApps = window.TimesApps || {};\n    var TimesApps = window.TimesApps;\n    TimesApps.toiPlusEvents = function(config) {\n      var isConfigAvailable = \"toiplus_site_settings\" in f && \"isFBCampaignActive\" in f.toiplus_site_settings && \"isGoogleCampaignActive\" in f.toiplus_site_settings;\n      var isPrimeUser = window.isPrime;\n      if (isConfigAvailable && !isPrimeUser) {\n        loadGtagEvents(f.toiplus_site_settings.isGoogleCampaignActive);\n        loadFBEvents(f.toiplus_site_settings.isFBCampaignActive);\n        loadSurvicateJs(f.toiplus_site_settings.allowedSurvicateSections);\n      } else {\n        var JarvisUrl=\"https:\/\/jarvis.indiatimes.com\/v1\/feeds\/toi_plus\/site_settings\/643526e21443833f0c454615?db_env=published\";\n        window.getFromClient(JarvisUrl, function(config){\n          if (config) {\n            loadGtagEvents(config?.isGoogleCampaignActive);\n            loadFBEvents(config?.isFBCampaignActive);\n            loadSurvicateJs(config?.allowedSurvicateSections);\n          }\n        })\n      }\n    };\n  })(\n    window,\n    document,\n    'script',\n  );<\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/vote-against-singhanias-re-election-to-raymond-board\/articleshow\/111095685.cms\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MUMBAI: Leading proxy voting advisory firm Institutional Investor Advisory Services (Iias) has recommended to vote against the re-election of Gautam Singhania (59) to the board of Raymond ahead of the company&#8217;s annual shareholder meet on June 27. Singhania, who has been on the board of Raymond since 1990 and who is in the midst of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":76112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/photo\/msid-111095756,imgsize-742306.cms","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[69027,4782,289,69026,9209,69025,273,69024,9206,69023,69022,5866,47599,9210,69028,272,901],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/76111"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=76111"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/76111\/revisions"}],"predecessor-version":[{"id":76113,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/76111\/revisions\/76113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/76112"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=76111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=76111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=76111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}