Proxy advisory wants Raymond promoters to exit amid charges Mar Curi

The independent directors of Raymond should request the promoters to step aside, following the serious accusations against chairman and managing director Gautam Singhania, according to Institutional Investor Advisory Services India Ltd (IIAS), a proxy advisory firm.

- Naman Suri

In an open letter to the company's independent directors, IiAS urged them to assuage the concerns of investors as well as other stakeholders and initiate an investigation into the allegations against the promoters to protect the firm. "Despite serious and heinous accusations by one board member against another, you are silent... Your silence can be misconstrued surely you don't want stakeholders to think these accusations are to be tolerated. At the very least, as independent directo