Raymond Re-appoints Gautam Hari Singhania as MD
In a strategic corporate development, Raymond Limited announced the re-appointment of Gautam Hari Singhania as the managing director for a five-year term, starting from July 1, 2024. This move solidifies Singhania’s continued leadership and direction for the company, which he has helmed since September 2000. His tenure as chairman and managing director has been marked by notable transformations and a strategic focus on core business areas.
The re-appointment of Singhania is subject to the approval of the company's members and aligns with the requirements of the Stock Exchange circulars issued in 2018. Additionally, the company confirmed that Singhania's position as managing director is subject to the rules of rotation.
Under Singhania's stewardship, Raymond Limited has experienced a comprehensive restructuring, including the divestment of non-core businesses such as steel, cement, and synthetics. The company has since centered its efforts on a market-oriented approach, with Singhania's leadership expanding Raymond's global reach and reinforcing its position as a respected Indian brand.
Raymond has thrived under Singhania's guidance, venturing into new market segments such as real estate and launching new products to drive sustained growth. His vision focuses on elevating the Raymond brand to become one of the best globally, and the company has acknowledged the substantial progress made under his direction.
On a related note, Nawaz Modi-Singhania, the estranged wife of Gautam Singhania, was removed from the boards of three privately held companies within the Raymond Group: JK Investors (Bombay), Raymond Consumer Care, and Smart Advisory & Finserve. The decision was made during an Extraordinary General Meeting (EGM) held on March 31.
Despite Modi-Singhania contesting her removal from the boards of two companies, her attempts proved unsuccessful. She had been a director at JK Investors (Bombay) since 2015, Raymond Consumer Care since 2020, and Smart Advisory & Finserve since 2017.
Modi-Singhania expressed her dissatisfaction with the decision, attributing it to her ongoing legal and personal disputes with Gautam Singhania. Following the ousting, she claimed mistreatment since exposing her estranged husband’s alleged misconduct, citing an earlier assault incident.
In a statement, a spokesperson for JK Investors (Bombay) and Smart Advisory & Finserve explained that shareholders had lost confidence in Modi-Singhania and requested meetings to discuss her removal. As a result, shareholder meetings were convened on March 31, leading to her ouster from the boards of the companies following due process.
This corporate shuffle reflects ongoing changes within the Raymond Group as it navigates strategic restructuring and leadership decisions to align with its long-term goals and business vision.
