Raymond controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile1 entries
2020
SEBI fines Raymond over JK House lease transactions
Fine or penalty
In a regulatory action, the Securities and Exchange Board of India (SEBI) imposed a fine of ₹7 lakh on Raymond Ltd. The penalty concerned the company's failure to obtain prior approval for related-party transactions involving the lease of JK House. According to the regulator, Raymond did not adhere to corporate-governance best practices in connection with these transactions. The event was reported on 20 November 2020.
SEBI imposed a ₹7 lakh fine on Raymond Ltd for failing to obtain prior approval for related-party transactions involving the lease of JK House. The regulator said Raymond failed to adhere to corporate-governance best practices.
Source excerpt
SEBI has imposed a fine of â¹7 lakh on Raymond Ltd for its failure to obtain prior approval for related party transactions involving the lease of JK House, a prime property in Mumbaiâs upmarket Breach Candy area.
Besides, Raymond has "failed to adhere to the best practices of Corporate Good Governance,â the regulator further added.
The regulator said that in the event of failure to pay the penalty of Rs 7 lakh within 45 days of the receipt of the order, recovery proceedings may be initiated under Section 28A of the SEBI Act for realisation of the said amount of penalty along with interest thereon, by attachment and sale of movable and immovable properties.