Raymond Limited , a prominent Indian textile and apparel company, has taken a significant step in its leadership structure. The company's Nomination and Remuneration Committee has recommended the appointment of Harmohan H. Sahni as an Executive Director for a five-year term.

Appointment Process and Regulatory Approvals

The proposed appointment of Sahni is subject to several regulatory approvals, highlighting the complex nature of corporate governance in India's business landscape. A key requirement for this appointment is obtaining security clearance from the Ministry of Home Affairs (MHA).

Aviation Connection

Interestingly, the need for MHA approval stems from Raymond's involvement in the aviation sector. The company operates non-scheduled air transport services, necessitating the security clearance to be routed through the Ministry of Civil Aviation. This detail underscores the diverse business interests of Raymond beyond its core textile and apparel operations.

Next Steps

The final decision on Sahni's appointment rests with Raymond's Board of Directors. The board will consider the appointment only after receiving the necessary approval from the Ministry of Home Affairs. This process ensures compliance with regulatory requirements and maintains the integrity of the appointment procedure.

Implications for Raymond

The potential addition of Harmohan H. Sahni to Raymond's executive team could bring fresh perspectives and expertise to the company. As an Executive Director, Sahni would be expected to play a crucial role in shaping the company's strategies and operations over the next five years, subject to the successful completion of the appointment process.

This development signals Raymond's commitment to strengthening its leadership team as it navigates the evolving business landscape in the textile, apparel, and other sectors it operates in.

Raymond Limited , a prominent Indian textile and apparel company, has taken steps to strengthen its board with the recommendation of two new Independent Directors. The company's Nomination and Remuneration Committee (NRC) has put forward the names of Mr. Tikka Singh and Mr. Ajoy Mehta for five-year terms, subject to necessary regulatory approvals.

Key Developments

• The NRC approved the recommendations on August 18, through a resolution passed by circulation.
• Mr. Tikka Singh (DIN: 06521398) and Mr. Ajoy Mehta (DIN: 00155180) are the proposed candidates for Independent Director positions.
• Both appointments are for a first term of five years each.

Regulatory Approval Process

The appointment of these directors is not immediate and faces a unique regulatory hurdle due to Raymond's diverse business interests:

• Raymond Limited operates non-scheduled air transport services, which necessitates additional security measures.
• The company must obtain prior security clearance from the Ministry of Home Affairs (MHA) through the Ministry of Civil Aviation for the appointment of directors.
• The Board of Directors will only consider the appointments after receiving the necessary approval from the MHA.

Compliance with Stock Exchange Requirements

Raymond Limited has affirmed that the proposed appointments of Mr. Singh and Mr. Mehta comply with the requirements set forth by stock exchange circulars:

• NSE/CML/2018/24
• BSE/LIST/COMP/14/2018-19 (both dated June 20, 2018)

Next Steps

1. The company will await security clearance from the Ministry of Home Affairs.
2. Upon receiving clearance, the Board of Directors will consider the appointments.
3. If approved, Raymond Limited will submit a detailed intimation as required under SEBI Listing Regulations and the SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11.

Investor Relations

In related news, Raymond Limited has announced its participation in an upcoming investor conference:

• Event: "Powering Through - India on the Global Stage" Conference
• Date: August 22
• Mode: Virtual Group Meeting
• Hosted by: Centrum Orion IV

The company will present its Q1 Results at this conference, with the presentation already available on the company's website and submitted to the stock exchanges.

As Raymond Limited moves forward with these potential board additions and engages with investors, stakeholders will be watching closely for the outcomes of the regulatory approval process and any impacts on the company's governance structure.