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Raymond stares at Rs 650-cr loss as Singhanias fight over JK House

Proxy firm slams move as a 'rip-off'; company says committed to protecting interests of shareholders

N Sundaresha Subramanian  |  New Delhi 

Want to buy brand new flats in South Mumbai’s Breach Candy, where realty prices quote in lakhs of rupees per square foot (psf), at Rs 9,200 psf? That is what textile major Raymond is planning to offer its chairman Gautam Hari Singhania and his close relatives. The deal, a part of a decades-old family agreement, which has been put for shareholder approval in the upcoming annual general meeting (AGM), has drawn the ire of proxy firm Institutional Investor Advisory Services (IiAS). While the deal raises corporate governance issues, it also brings to the fore a legal ...


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First Published: Fri, May 26 2017. 02:08 IST