The statement comes just a few days after an indian proxy advisory firm, Institutional Investor Advisory services (IIAS), urged the independent directors this week to launch an investigation into allegations of assault against gautam Singhania and communicate with investors and other stakeholders to assuage their concerns.
In light of the issue surrounding Singhania and Modi's divorce settlement, IIAS suggested that the firm choose an interim CEO. However, the independent directors have yet to certify any such shift in the company's structure.
The independent directors have been meeting in recent weeks to monitor the issue since it "affects" the firm and minority shareholders, according to them. The members of the group "shall not hesitate to proactively initiate measures, the moment required, to protect the interests of all stakeholders," the statement went on to say. Raymond Group's independent directors expressed worry after the company's shares fell sharply for 12 consecutive days following the announcement of Singhania's divorce. Raymond shares plunged more than 21% in a 12-session period.
Dr. Raymond On november 13, gautam Singhania announced his divorce from his estranged wife Nawaz Modi Singhania on the social networking site X. In the divorce settlement, Modi and her attorneys allegedly wanted 75% of the billionaire's total wealth as financial help for raising their two kids.
Nawaz Modi brought severe domestic abuse claims against Singhania days later, saying that the millionaire physically attacked her and their small daughter niharika on many occasions.