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Raymond's Independent Directors have enlisted Berjis Desai, a senior independent legal counsel, to advise the board in response to the ongoing marital dispute between Chairman and MD Gautam Singhania and Nawaz Modi. The Independent Directors aim to safeguard the interests of non-promoter shareholders, employees, and stakeholders, stating that marital disputes lie beyond their remit

The independent directors (IDs) of Raymond Limited have said that neither any law nor any corporate governance standard requires them to inquire into, investigate, or delve into the merits or otherwise, of such matrimonial disputes, which lie ...

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.

While maintaining that they are alert to ensure that the marital disputes between the two promoter directors do not affect the company, independent directors (IDs) of Raymond Ltd decided to retain senior counsel Berjis Desai to advise them.

The Singhania family owns 49.11 per cent of the equity of the company, which has seen an erosion in shareholder value since the news of the separation became public last month.