Raymond Ltd chairman and managing director Gautam Singhania's estranged wife Nawaz Modi Singhania has resigned as a director on the board, according to a statement by the company on Wednesday. Raymond Ltd has announced the resignation of Nawaz Modi Singhania as a director on the Board of the company.
Textiles and fabric manufacturer Raymond Ltd on Thursday said its shareholders have approved the reappointment of Gautam Hari Singhania as chairman & managing director for a term of five years effective from July 1, 2024, along with his proposed remuneration. "The shareholders of the company at their Annual General Meeting (AGM) held today (June 27) have approved the re-appointment of Singhania. "The AGM commenced at 3 pm and concluded at 4:05 pm," Raymond Ltd said in a regulatory filing.
The 52-year-old driver, Atish Shah, lost control of the wheels, and as a result, the car skidded on the road and rammed into the divider, he said.
Raymond Ltd said it plans acquisitions for growth in textile and designerwear business.
Raymond will open about 300 stores by end-March 2011, taking its total store-count to 800.
Raymond Ltd said on Thursday it has entered into a definitive agreement with Belgium-based UCO NV, for combining the denim business in a proposed 50:50 joint venture company to be located in India.
Raymond Ltd acquired 75.1 per cent stake in ColorPlus Fashions Pvt Ltd.
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.
Raymond Ltd on Saturday said it would invest over Rs 425 crore (Rs 4.25 billion) in expanding its manufacturing capacity across the country, including Rs 100 crore (Rs 1 billion) for setting up three factories in Bangalore.
Proxy advisory firm Institutional Investor Advisory Services (IiAS) has asked independent directors of Raymond Ltd to consider appointing an interim CEO and investigate the allegations of assault by its chairman and MD Gautam Singhania on his wife and daughter, and the use of company funds for personal benefit. In an open letter to the company's five independent directors, IiAS also suggested they ask Singhania and his estranged wife Nawaz Modi, also a board member, to take time off from their responsibilities as board members. The five independent directors to whom the letter was addressed are Mukeeta Jhaveri, Ashish Kapadia, Dinesh Lal, K Narsimha Murthy, and Shiv Surinder Kumar.
A meeting of Raymond Ltd board will be held on January 31 (instead of January 22) to consider the unaudited financial results of the company for the third quarter ended December 31, 2002.
As the company expects Rs 150 crore (Rs 1.5 billion) revenue in the womenwear segment in the next two-three years, the apparel company made the venture into the western womenwear.
Raymond Ltd has posted a net profit of Rs 191 million for the quarter ended December 31, 2002 as compared to Rs 186.10 million in the quarter ended December 31, 2001.
'Nothing in this world is permanent. So also in business.' 'And more so in family businesses where family issues often influence business decisions,' point out S Subramanian and Nupur Pavan Bang.
Singhania's Rs 1,041 cr gift to son Gautam triggers war over assets
Billionaire Gautam Singhania on Monday announced separation from wife Nawaz, saying the two have decided to pursue different paths. Singhania, 58, had married Nawaz Modi, daughter of solicitor Nadar Modi, in 1999. "This Diwali is not going to be the same as many in the past," Singhania, chairman and managing director of textiles-to-real estate conglomerate Raymond Ltd, said in social media posts.
Raymond's subsidiary Ring Plus Aqua Ltd, signed the joint venture agreement with AJ Rose for the facility that would manufacture sheet metal components, the company informed the Bombay Stock Exchange.
Raymond Synthetics Ltd has fixed January 30, 2003 to February 05, 2003 as the book closure for the purpose of reduction of share capital by 50% from Rs 1.24 billion by writing off a sum of Rs 62.03 crore.
In this era of online commerce and virtual shopping, Raymond Ltd, one of India's oldest textile manufacturers and retailers, has tailor-made an offline strategy to maintain a strong foothold in the tier III and IV towns. Samreen Ahmad reports.
Billionaire Mukesh Ambani's Reliance Jio is India's strongest telecom brand in India, ahead of Bharti Airtel and Vodafone Idea Ltd, according to brand intelligence and data insights company TRA. TRA, formerly Trust Research Advisory, in its 'India's Most Desired Brands 2022' ranked companies according to their brand strength. Reliance Jio topped the telecom category, followed by Bharti Airtel, Vodafone Idea Ltd and BSNL.
Recovery seen in Q4, companies continue to focus on enhancing cash flow
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
Industrialist Gautam Singhania has close to 8,80,000 followers on Twitter, yet he has opted for a service that 'promotes' his tweets by displaying them to a wider audience beyond his own followers.
US, China and Japan have no quotas for women and have had the lowest increase in female directors.
Rio police say tickets sold to Reliance made their way into black market; firm says it is probing the allegations.
'This solid verdict would further strengthen his resolve to drive forward the economic agenda to ensure that the fruits of the economic momentum continue to reach the poor, so visible during the last five years.'
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Vinai Kumar Saxena's current job as lieutenant governor of an Opposition-ruled state will raise the bar -- not just for him, but also for the Aam Aadmi Party government, which never says no to a fight with the representative of the central government in India's capital.
Customised tailoring: How Raymond, Aditya Birla Group are luring customers with bespoke services to fit the bill.
The tata group intends to invest Rs 1,500 crore (Rs 15 billion) in setting up 150 'value hotels' in India and abroad over the next five years.
Indian Hotels Company Ltd has secured New York-based Pierre Hotel on lease.
The Indian Hotels Company Ltd, operating the Taj brand of hotels, on Wednesday said it expects revenue from its International operations to be one third of the total revenue in the next five years
The world is full of family businesses that withered away with the passing of generations, creating much bitterness and ill will. Entire clans that used to be household names have become pale shadows of their once-mighty empires.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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