Raymond chairman-emeritus Vijaypat Singhania fired
Vijaypat Singhania has been fired from his position as chairman-emeritus on the board of directors at Raymond as part of an ongoing feud between Singhania and his son, according to Singhania, but unrelated according to the board.
Vijaypat Singhania received a letter from a Raymond director asking him to cease using the title of chairman-emeritus of the family-run Raymond Group. This followed a series of letters that Singhania wrote to the company secretary and then to the board of directors claiming that he was not being sufficiently updated about board meetings, according to a report from the Economic Times. Singhania believes that this was due to manoeuvring by his son Gautam Singhania as part of an ongoing feud between the two, he told the newspaper.
After receiving directions to cease using the title chairman-emeritus, Vijaypat Singhania stated that he would not comply unless he was shown proof that he was fired from the board. In response, Raymond’s director secretarial and company secretary Thomas Fernandes replied that the company had indeed made the decision and it was based on the derogatory language used towards to board in Singhania’s letters, as reported by the Mumbai Mirror.
“I am pained to see my father behaving this way. If he has a problem, I am ready to sit across with him and sort all his problems,” said Gautam Singhania. “But, so far as the company’s functioning is concerned, I have nothing to do with him not being the chairman-emeritus anymore. It was the decision of the Board and the Board must have its reason to do whatever they did. I have no role to pay in it.” The board corroborated this statement.
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