Raymond Directors Monitoring Situation Amid Gautam Singhania's Divorce Battle

In an open letter to the company's five independent directors, IiAS had suggested that they ask both Gautam Singhania and his estranged wife Nawaz Modi, also a board member, to take time off from their responsibilities as board members.

Independent directors of Raymond Ltd on Friday said they are monitoring the situation arising out of the matrimonial dispute of company's Chairman and Managing Director Gautam Singhania to ensure it does not affect his capacity to manage the affairs and business of the firm.

In a joint communication shared on BSE by the company, the independent directors also said they have decided to retain Berjis Desai, a senior independent legal counsel, who has no links with promoters or the company, for advising them.

"The independent directors (IDs), over the last few weeks, have been meeting and monitoring the situation so far as it affects the company and the minority shareholders; and reiterate their commitment to protect, at all times, the interests of non-promoter minority shareholders, employees and other stakeholders," the communication said.