Source link : https://jpc.news/2024/12/05/lifestyle/article13328/
Gautam Hari Singhania Named Executive Chairman of Raymond Lifestyle: A Clear Mandate from Shareholders
Gautam Hari Singhania has officially been appointed as the Executive Chairman of Raymond Lifestyle, following a decisive vote during the company’s recent Annual General Meeting (AGM). According to the Scrutinizer’s Report presented to stock exchanges, his appointment garnered an impressive 86.85% of the total votes cast, further emphasizing robust shareholder confidence despite prior challenges raised by proxy advisory companies.
Strong Show of Support Amidst Opposition
The AGM also saw the endorsement of eight other resolutions, including those concerning Independent Directors and Sunil Kataria’s elevation to Managing Director. Under the stipulations set forth by the Companies Act 2013, any special resolution is required to achieve at least 75% approval from shareholders—and Singhania’s nomination comfortably surpassed this benchmark.
Recently emerging as an independent entity post-demerger from Raymond Ltd on September 5, 2024, Raymond Lifestyle is strategically navigating its growth trajectory with Singhania at its helm.
While his appointment was met with overwhelming support among shareholders, it was not without contention. Notable proxy advisory services like Stakeholders Empowerment Services (SES) and Institutional Investor Advisory Services India (IiAS) had previously recommended against his nomination. Their concerns revolved around issues related to compensation policies and possible reputational implications.
Affirmation from Shareholders
Despite these objections, a significant majority chose to reaffirm their faith in Gautam Hari Singhania’s leadership capabilities. A spokesperson for Raymond Lifestyle articulated appreciation for this overwhelming show of support after the AGM proceedings concluded: “The shareholders have clearly shown great confidence in electing Gautam Hari Singhania as our Chairman and Sunil Kataria as Managing Director.”
This strong backing illustrates continued belief in the management’s focus on growth and commitment to enhancing shareholder value. The prominent stake held by the Singhania family—amounting to approximately 54.68%—further consolidates their influence over key strategic decisions within the company.
Market Response
In response to these developments on December 5, 2024, shares for Raymond Lifestyle Ltd experienced a bump in value closing at Rs 2,035.85 per share—a rise indicative of market optimism surrounding leadership stability within this newly formed entity.
Gautam Hari Singhania’s appointment embodies both a reinforcement of strategic vision and an affirmation that stakeholders are optimistic about future prospects under his guidance.
The post Gautam Singhania Takes the Helm: Confirmed as Executive Chairman of Raymond Lifestyle at AGM first appeared on JPC News.
Author : Jean-Pierre CHALLOT
Publish date : 2024-12-05 21:22:19
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