Raymond comes under minority shareholder's fire

Vishal Patel accuses company's promoters of siphoning off funds for personal use

A minority shareholder of Raymond has alleged that the company's promoters have siphoned off funds from the BSE-listed company for their personal use by buying expensive jets, yachts and constructing a huge mansion in South Mumbai for their personal use.

In an open letter published today, shareholder Vishal Patel said the Singhanias did not inform the shareholders about the commercial aspect of the South Mumbai real estate project, which was embroiled in controversy. The company has violated municipal rules while spending Rs 186.7 crore as of March 31, 2016 on redeveloping the property, Patel said. 

When contacted, Raymond did not comment on