Raymond shareholders they are against sale of JK House to promoters and hey extended the family at a discount.Institutional Investors Advisory Services they recommended against the proposal.
As all parts of the promoters and the family of JK house, Raymond asked the shareholders to eject or accept the proposal, which was made by the company under the 2007 tripartite agreement.
Only 2.32% were in the favor and the total of 97.67% was against the resolution.
As is red flagged the proposal said the Raymond promoters and the extended family will buy the property in Mumbai as ”throw away rates” and loss over Rs.650 crore.
Singhania said that Raymond will help the company and make the future ready for the creation of the stakeholders and is on the growth path.By the discussion and the recommendation the shareholders were in the favor of to reappointment as directors to Raymond’s board.
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