Institutional Investor Advisory Providers (IIAS), an Indian proxy agency that gives voting suggestions on shareholder resolutions, on Tuesday, requested the unbiased administrators of Raymond Ltd to provoke a probe into the allegations of assault made in opposition to the agency’s managing director Gautam Singhania by his ex-wife Nawaz Modi Singhania.
Nawaz Modi had alleged that her ex-husband bodily assaulted her and their daughter in September.
She additionally accused the billionaire industrialist, a devotee of Lord Venkateswara, of forcing her to make the trek to Tirupati temple with out meals and water. In response to media reviews, in an audio clip, she is heard saying that in the course of the trek, she fainted two or 3 times, however he didn’t appear to care.
She claimed that Gautam Singhania is such an enormous devotee of Lord Venkateswara and never any of the opposite gods as a result of the latter is the god of cash.
Nawaz Modi, who had sought 75 per cent of the industrialist’s wealth for her and her daughters as settlement, had stated, “Gautam beat up, smashed up, kicked, punched his minor daughter Niharika and myself for one thing which felt like about quarter-hour, unrelentingly.” This occurred on September 9, she added.
In an open letter, IIAS stated the unbiased administrators Raymond Ltd ought to talk with buyers and different stakeholders, assuage their issues and “articulate a plan of action they’ve taken following these public allegations”.
“Within the curiosity of the corporate and safeguard the pursuits of a bigger set of stakeholders, we urge you to undertake an unbiased investigation into the allegations of each, assault and CEO excesses,” IIAS stated.
Shares of the corporate have seen a steep decline ever for the reason that information of their divorce got here out. Prior to now 5 days, shares slumped as a lot as 10 per cent.