MUMBAI: In the evening hours of 4 December Raymond Lifestyle – part of the Raymond group– informed the Bombay stock exchange that it had received the required majority from shareholders for the company’s special resolutions placed before them at its AGM.
Amongst the most important was the appointment of Gautam Hari Singhania as executive chairman. In the SEBI regulatory filing by the company, it was revealed that 86.85 percent of the 4,17,57,480 votes cast were in favor of the resolution for Singhania’s appointment, while 13.15 percent were against it. Special resolutions, according to corporate rules, require 75 per cent or more favourable shareholder votes for them to be deemed to have been approved.
The shareholders also approved the appointment of CEO Sunil Kataria as its managing director (MD). In Kataria’s case, 89.6631 per cent shareholders were in favor of his new appointment, while 10.3369 were against.
Another six special resolutions relating to the appointment of independent directors also sailed through, garnering the required majority from shareholders.
Media reports had expressed concern when some investor groups had lobbied Raymond Lifestyle shareholders to vote against the special resolutions.
Raymond Lifestyle had been listed on the stock exchanges on 5 September after demerging and being carved out from Raymond, with Singhania continuing to lead both the entities.
Later commenting on the development, a Raymond Lifestyle spokesperson said its shareholders have demonstrated full confidence and voted for Gautam Hari Singhania as chairman and Sunil Kataria as the managing director.
“This development has reinforced the fact that the promoter is fully committed towards the organisation’s growth and creating shareholder value,” he said.
