On June 5, the shareholders of Raymond with an overwhelming majority of 97.67 per cent had rejected the resolution to sell flats at JK House at a substantial discount to the prevailing market prices. Only 2.32 per cent of votes polled were in favour.
"It's for the board to decide. We are a professional company with the highest level of corporate governance," Singhania said on the sidelines of an event here when asked about the future course of action on the JK House issue.
Under the agreement, the company was required to sell flats at JK House at a substantial discount to the existing market prices.
"I was not allowed to vote on it and I categorically said that if I was allowed to vote, I would have voted against it," Singhania said.
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Even before the voting, he had asked shareholders to vote against the resolution.
Proxy firm Institutional Investor Advisory Services (IiAS) had also given recommendations against the proposal, saying Raymond's promoters and their extended family were trying to buy the premium property in Mumbai from the company at "throwaway rates" which will result in a loss of over Rs 650 crore to the company and its shareholders.
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