/ Raymond Plunges By 4% On SEBI's Enquiry For Non-Compliance ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 14 June 2017

Textile major, Raymond slumped by about 4% in early trade on Wednesday, as reports of the market regulator SEBI initiating an inquiry on the company’s corporate governance lapse.   

SEBI initiated a preliminary enquiry against the company relating to a corporate governance oversight associated with the sale attempt of JK House. 

In addition, SEBI sent out notices to the company’s board as well as its audit and remuneration panel for non-compliance with annexure of requirements related to listing, obligation and disclosure.

Raymond had made a tripartite agreement with Pashmina Holding in relation to JK House in the year 2007, which remained undisclosed by the company for a period of over 10 years.     

The controversy also encompasses commission payments to non-executive directors, which is an unusual practice, as the non-executive directors are only entitled to sitting fee and profit-based commission calculated on pre-disclosed performance criteria. At 11:04 hrs, Raymond was trading at Rs 713, reduced by 2.42% on the BSE.

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