Raymond re-appoints Gautam Singhania as MD for 5 years amid divorce dispute

'Group has made enormous progress under his stewardship', says company

Raymond has re-appointed Gautam Hari Singhania as its managing director for a term of five years, effective from July 1, 2024, said the company on Friday.

"The re-appointment of Mr Gautam Hari Singhania as Managing Director is subject to approval of the Members of the Company and is in compliance with the requirements of Stock Exchange circulars NSE/CML/2018/24 and BSE/LIST/COMP/14/2018-19 both dated June 20, 2018," the company stated.

Singhania's re-appointment as MD is subject to retirement by rotation. Singhania, a commerce graduate, assumed the role of chairman and managing director of Raymond in September 2000. Over the years, he has been instrumental in strategically restructuring the Raymond Group, including the divestment of its non-core businesses of Steel, Cement, and Synthetics. The company has since strengthened its position with a focused market-oriented approach.

 

"The group has made enormous progress under the stewardship of Mr Singhania, and his vision is to take the Raymond Brand from being amongst the most respected Indian brands to being amongst the best in the global markets," said the company.

Furthermore, the company highlighted Singhania's active involvement in launching new products and steering the Group towards sustained growth.

"With a drive for creating new brands, Mr. Singhania has taken an active interest in the launch of new products and is successfully directing the Group towards sustained growth. Under the leadership of Mr. Singhania, the Group has made a remarkable foray into the Real Estate business," it added.

Nawaz Modi-Singhania, the estranged wife of the businessman, was ousted from the boards of three privately held companies within the Raymond Group, namely JK Investors (JKI) (Bombay), Raymond Consumer Care (RCCL), and Smart Advisory and Finserve.

This decision was made during an Extraordinary General Meeting (EGM) held on March 31. Despite her attempts to contest the removal from two of these companies' boards, Nawaz's efforts were unsuccessful.

Nawaz, who had been entangled in a settlement dispute with Gautam Singhania since their divorce announcement in November 2023, had served as a director in JKI since June 2015, in RCCL since December 2020, and in Smart Advisory & Finserve since October 2017.