Raymond Shareholders Defeat JK House Sale Plan

This decision by the shareholders is in the best interest of the company, says Gautam Hari Singhania

Shareholders of Raymond have voted against a proposal to sell flats in a company-owned building to the promoters at throwaway prices. “The shareholders voted against the resolution,” the company said.

At the 92nd annual general meeting of the company held at its registered office in Ratnagiri on Monday, the company had put to vote a resolution with respect to the sale of apartments in JK House. According to a 10-year-old agreement, the Promoter family members were to get four duplex flats at Rs 9,200 per square feet. The move, however, had drawn ire of the proxy advisory firms and brought to the fore a legal battle over the property between the two factions of the family members.

Commenting on the development, Gautam Hari Singhania, chairman and managing director, Raymond Ltd, said, “I am happy with the outcome of voting against the resolution. This decision by the shareholders is in the best interest of the company.”

Protecting the interest of the shareholders is of paramount importance to me. Having embraced the transition at Raymond, we are on the growth path and creating a reimagined Raymond making it future ready for the enhanced value creation for all the stakeholders."

Reference - http://www.business-standard.com/article/companies/raymond-shareholders-defeat-jk-house-sale-plan-117060600041_1.html