IiAS Institutional Institutional Investor Advisory Services has recently sent a letter to the independent Directors asking to appoint Raymond Group new interim CEO. Gautam Singhania is currently serving as the CEO and Chairman of the company. Gautam is presently dealing with issues related to his divorce from his wife, Nawaz Modi. Everyone is curious to know whether the board will decide to have a new Interim CEO for the period or continue with Gautam Singhania. The CEO has assured the members that the company is running smoothly and will grow further without any impact on his personal life.
IiAS Asks The Independent Directors To Onboard Raymond Group New Interim CEO Until Singhania Solves His Divorce Mater
IiAS sent a letter to the independent directors asking to appoint Raymond Group new interim CEO. The step was suggested after the falling stock price of Raymond Group. IiAS asked Gautam to take some time off from his position and clear the divorce matters. Nawaz Modi is also a member of the company. The open letter asks both Nawaz Modi and Gautam Singhania to take some time off until the matter is sorted.
Nawaz Modi recently made allegations against Gautam for physical assault. She has claimed 75% of the net worth for the recovery. According to her, Gautam has beaten her and her elder daughter. She was admitted to the hospital for six days. Later, she was also denied entry to the office for the Diwali party. The incident and Nawaz’s claims have affected the company stocks a lot. There is a sudden fall seen in the stocks and market capitalization. However, Singhania still assures the members that the company will work better. He is working seriously on business growth.
It is unlawful to use the company’s funds for personal benefits. Nawaz Modi alleged Singhania of using the company’s funds for personal benefits. There can be an investigation of their divorce case separately on behalf of the members and company. Singhania’s silence on the topic is also an issue of worry for the investors. They want him to speak about it upon being asked. Singhania denied this by saying that he won’t be commenting on his personal matters. The decision to hire an Interim CEO is only taken for the benefit of all. There is no permanent cutout of any member. The hiring will maintain the trust of stakeholders and directors in the company. Stay tuned for more information on our website.