Gautam Hari Singhania is Raymond Lifestyle’s Executive Chairman

Image Courtesy: ET Retail

Following approval by the shareholders of the textile and fabric manufacturer, Gautam Hari Singhania was named Executive Chairman of Raymond Lifestyle. Eighty-six percent of the votes cast at the Annual General Meeting (AGM) went to the special resolution for the “appointment of Gautam Hari Singhania as an executive chairman” of the firm and to establish his compensation.

The Scrutinizer’s Report, which the business submitted to the stock exchanges, states that the resolution was approved with the necessary majority. In addition, eight other special resolutions pertaining to Sunil Kataria’s appointment as the company’s managing director and the appointment of independent directors were passed by the shareholders.

A super majority, or at least 75 per cent of the members voting in favour of the resolution, is required to adopt a special resolution under the Companies Act of 2013. After the lifestyle company was demerged from Raymond Ltd., Raymond Lifestyle was recently listed on exchanges. Singhania was still working for both companies when it was launched on stock exchanges on 5th September.

Empowerment Services (SES) and Institutional Investor advice Services India (IiAS), two proxy advice firms, recently recommended Raymond Lifestyle shareholders to vote against the resolution that would have appointed Singhania as the company’s chairman. Concerns over compensation practices and possible reputational hazards were reportedly voiced by both proxy advisory companies.

A Raymond Lifestyle spokesperson commented on the news, saying that the business’s shareholders voted for Gautam Hari Singhania as chairman and Sunil Kataria as managing director, demonstrating their complete confidence in the company.

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