The phrase “vote for Gautam Singhania trends on Twitter” has sparked widespread debate as his proposed appointment as executive chairperson of Raymond Lifestyle faces sharp criticism. Corporate governance advisory firms, SES and IiAS, have urged shareholders to reject the proposal, citing governance, transparency, and reputational risks.
Empowerment Services (SES) were critical of the fact that Gautam Singhania holds full-time jobs at Raymond Ltd. and Raymond Lifestyle, and that variable pay would not have an absolute cap on it. Also, the restructuring plans are unclear. Amidst this, the issue garnered more attention by trending under the hashtag “vote for Gautam Singhania” on Twitter.
SES further argued that announcing Singhania’s appointment before formal board approval undermines governance principles. It reiterated that no person may hold more than one full-time executive office unless the businesses are closely related.
Check out these tweets citing vote for Gautam Singhania
The e-voting process for the proposal was unlocked on November 5 and will be closed on December 4. If approved, the term of Gautam Singhania would be from September 1, 2024, to August 31, 2029. As much as “vote for Gautam Singhania trends on Twitter,” SES and IiAS have raised points to question the outcome of this approval.
Stock performance at Raymond Lifestyle has mirrored the controversy. Since its separate listing on 5 September, the stock has declined 28.5%, closing at ₹2,026 on Monday.
Institutional Investor Advisory Services (IiAS) reported reputational risks attached to Singhania. The watchdog pointed out allegations of domestic violence and misuse of company funds during his ongoing divorce processes. The firm slammed the board for not making sufficient disclosures to shareholders regarding those allegations or conducting an independent investigation.