Nirvik Singh to be the new Non-Executive Chairman of Raymond Apparel Ltd after Gautam Singhania resigned from the post of chairman of Raymond Apparel Ltd, Raymond Ltd said on Wednesday, adding, that the company has inducted Anshu Sarin and Gautam Trivedi as new board members. Gautam Hari Singhania will continue to remain on the board of Raymond Apparel Ltd. A sharp surge in trading volumes in shares of Raymond Ltd was seen after the announcement during the trade on Wednesday. Raymond share price fell 5.87 per cent to an intraday low of Rs 725.75 on BSE before closing down 0.78 per cent at Rs 764.95.
Gautam Hari Singhania has stepped down from the position of the Chairman and paved way for Nirvik Singh to take charge as the Non - Executive Chairman of Raymond Apparel Ltd. However, Gautam Hari Singhania continues to be on the board of Raymond Apparel Ltd. Anshu Sarin has joined the board as a Non-executive Director along with Gautam Trivedi who has joined the board as an Independent Director, Raymond Ltd said in an exchange filing.
I have always believed in setting the highest standard of governance and have always advocated to run the business professionally. I am delighted that Nirvik Singh has been appointed as the Non- Executive Chairman of Raymond Apparel Ltd and I am sure that the company will benefit tremendously under his able leadership. I also welcome Anshu Sarin and Gautam Trivedi as new board members of Raymond Apparel Ltd, Gautam Hari Singhania said.
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