Gautam Singhania is one of renowned billionaires in India. He is the Chairman and Managing Director (CMD) of Raymond. Often in the news for his extravagant lifestyle and exotic car collection, Gautam Singhania has been involved in a nasty divorce dispute with estranged wife Nawaz Modi. As Raymond is gearing up for an annual general meeting (AGM) on June 27, Institutional Investor Advisory Services (IiAS) has urged shareholders of the company to vote against the reappointment of Gautam Singhania as CMD. The proxy advisory firm called for removal of both Gautam Singhania and Nawaz Modi from their positions until the divorce proceedings are resolved.

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For those who are unaware, Gautam Singhani has been serving on Raymond’s board since 1990. Over the past few months, the billionaire has faced serious allegations of domestic violence and misuse of company funds from Nawaz Modi. In its recommendation, IiAS has emphasized on the negative impact on investor confidence due to the seriousness of the accusations. The same is also reflected in the downward trend in Raymond’s stock price.

"Until the divorce issues are settled and an independent investigation is completed, we expect both Gautam Singhania and Nawaz Modi to step off the board" IiAS said. It also raised concerns about Gautam Singhania’s proposed remuneration. It believes Singhania’s remuneration is not in line with industry peers and is much more than the size of the business.