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Shares of Raymond lost nearly 4 percent intraday as investors turned wary of the market regulator’s actions on the company.
The Securities and Exchange Board of India (SEBI) has initiated a preliminary inquiry against the company over corporate governance lapses relating to the sale attempt of JK House.
The watchdog gave notices to the company’s Board and its audit and remuneration panel for not complying with listing, obligation and disclosure requirements.
The regulator has questioned Raymond’s board and audit committee as to why the information about the tripartite agreement relating to JK House was not disclosed to the stock exchanges and investors over the last ten years. The agreement was signed in November 2007 between the company, Pashmina Holding and each of the sub-lessee.
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