
An Indian proxy advisory firm, Institutional Investor Advisory Services (IIAS), has urged the independent directors of textile and retail giant Raymond Ltd., to launch an investigation into the allegations of assault against its MD Gautam Singhania.
Recently Nawaz Modi Singhania – the wife of Gautam and a board member – alleged that she and her daughter were physically assaulted by Singhania.
In an open letter, IIAS said that the independent directors need to communicate with investors and other stakeholders, assuage their concerns and “articulate a course of action they have taken following these public allegations”.
It further reads that in the interest of the company and safeguard the interests of a larger set of stakeholders, we urge you to undertake an independent investigation into the allegations of both, assault and CEO excesses.
Gautam has written to the company’s board of the company assuring smooth functioning of business amid the ongoing separation with his wife.
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