centercenter Conflict Between Majority

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Conflict Between Majority & Minority Shareholders
Raymond Sale of Luxury Flats
Abstract
The document produce for LCA Project Assessment, describes about the Fiduciary Responsibilities of Majority Shareholders for Minority Shareholders
LCA GROUP – 02
Leadership Corporate Accountability9410077300
Conflict Between Majority & Minority Shareholders
Raymond Sale of Luxury Flats
Abstract
The document produce for LCA Project Assessment, describes about the Fiduciary Responsibilities of Majority Shareholders for Minority Shareholders
LCA GROUP – 02
Leadership Corporate Accountability
Table of Contents
TOC o “1-3” h z u Acknowledgement PAGEREF _Toc520636588 h 2Group Members PAGEREF _Toc520636589 h 2Abstract PAGEREF _Toc520636590 h 3Introduction PAGEREF _Toc520636591 h 4Company Background PAGEREF _Toc520636592 h 5Joint Ventures PAGEREF _Toc520636593 h 5Retail Network PAGEREF _Toc520636594 h 5Brands PAGEREF _Toc520636595 h 6Shareholders PAGEREF _Toc520636596 h 7Property Market of Mumbai PAGEREF _Toc520636597 h 8Demographics PAGEREF _Toc520636598 h 8Indian Law PAGEREF _Toc520636599 h 9Conflict Issues PAGEREF _Toc520636600 h 10Detailed sequence of events PAGEREF _Toc520636601 h 10Analysis of the Conflict –Fiduciary Principles PAGEREF _Toc520636602 h 11Campus Presentation PAGEREF _Toc520636603 h 11Exhibit PAGEREF _Toc520636604 h 12Exhibit Shareholdings PAGEREF _Toc520636605 h 12Promoter Holding PAGEREF _Toc520636606 h 12Institutional Holding PAGEREF _Toc520636607 h 12Public (Non-Institutions) Holding PAGEREF _Toc520636608 h 13Exhibit JK House PAGEREF _Toc520636609 h 14Reconstructed JK House PAGEREF _Toc520636610 h 14JK House location, Breach Candy, South Mumbai PAGEREF _Toc520636611 h 14Exhibit Top Location Mumbai PAGEREF _Toc520636612 h 15Reference PAGEREF _Toc520636613 h 16

AcknowledgementWe wish to express our sincere thanks to our Leadership and Corporate Accountability Faculty’s Dr. Shubhasis Dey (Course Coordinator), Dr. Jijo Lukose, Dr. Keyoor Purani, Dr. T.N. Krishnan and Dr. Anandakuttan B. Unnithan for introducing us to the concepts of LCA. Yours Imparted teachings has successfully triggered a desire to know more about this subject.

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We would also like to express our sincere thanks to Concerned IIM K Professors who have developed such Pedagogy and associated methodologies where projects paves way to have deep understanding on the subject and thus easy to be implemented in our related professional Obligations.
This Project reflects our deep interest for this subject. It has helped us and guide to our Leadership and Corporate accountability to Society through subject due to which we can correlate many accountability, theories and their practical implications.

We would also like to thank our families and friends who have provided their valuable feedback, support time and guidance as a part of project completion.

Group MembersSection – A
Group No – 02
Roll No Name E-Mail ID
EPGP-09-053 Radhakanta Panigrahi [email protected]
EPGP-09-059 Raunak Kumar Sinha [email protected]
EPGP-09-060 Ravinder Pal Singh [email protected]
EPGP-09-093 Ashish Gupta [email protected]
EPGP-09-096 Avinish Agrawal [email protected]
EPGP-09-122 Manu Goutham P S [email protected]
EPGP-09-130 Pankaj Gupta [email protected]

AbstractLeadership and Corporate Accountability focuses on the responsibilities of companies, their leaders, and their boards. Its aim is to deepened students’ understanding of the economic, legal, and ethical dimensions of these responsibilities and to provide practical guidance on driving performance that delivers on all three dimensions. These situations have the potential to define, for good and bad, the careers of executives involved, and to determine the sustainability of their firms. Through a series of difficult dilemmas set in different regions of the world, the course builds a framework for decision-making and explores the elements of effective governance.

So, the below case is about Raymond Conflict between majority and minority shareholders where JK House, a prime property in South Mumbai’s tony Breach Candy area owned by Raymond Ltd, was being offered at 90% discount only to promoters of the firm, the Singhania family.

The board had failed to protect the interests of the minority shareholders. The board also failed to separate the interests of the company and its promoters.

Mr. Singhania words to NDTV
The Raymond chairman said wearing two hats – that of a son and the leader of company – sometimes leads to “conflict of interests”. “I then have to stand by my beliefs and do what I feel is right,”.”I will, with all my might not let the dispute touch Raymond’s credibility and I will always uphold the values of the brand. As far as my father is concerned, I will do whatever it takes that is in my power to resolve.”My father and me have shared the best relationship any father-son could have, and some opportunists have grabbed upon every opportunity to create a wedge between us. At the end of the day, he is my father and he’s old. I would want that at this age, he ought to lead and enjoy a comfortable life doing whatever he feels like and let his son earn the money,”.

IntroductionRaymond has always been a name where Indian consumer found some pride in. Other than being the largest integrated fabric manufacturer, Raymond had embarked its brand image in the minds of Indian customers with its legendary tag line of “The Complete Man”, emotionally touching advertisements and premium placed brand positioning. The logo of Raymond with “since 1925” written below it or a bill board containing model of the brand, invoked a feel of respect and gentleness among the viewers. Raymond could successfully compete with other brands like Arvind Mills, Louis Philippe and Zodiac Clothing and could capture 60% of the suiting market share. Headquartered in Mumbai, there was something else that also stood with its head held high along the brand name of Raymond. It was the JK house Apartments leased by Raymond Ltd from the subsidiary, Pashmina Holdings Ltd. The 14-storey structure constructed in 1967, housed the Raymond show room in the ground floor, a Raymond museum in the next and four duplex flats above that. The duplex flats were occupied by immediate family of the major promoter of Raymond, Chief Managing Director Gautam Singhania. It was situated at one of the prime residential and semi commercial locations in South Mumbai, Breach Candy.Time passed, Raymond continued its leading run in the suiting industry. But in 2006, Municipal Corporation of Greater Mumbai found the JK house as old and unsafe and demanded reconstruction. Raymond accepted the proposal and started redevelopment of the property. Raymond reconstructed a 36 storied structural brilliance that had become the second tallest private residential building in Mumbai after Mukesh Ambani’s Antilia. This was a real piece of cake in terms real estate, worth well above Rs. 1,10,000 per square feet.
But surprisingly, the subsidiary Pashmina Holdings Ltd made an agreement with Raymond to sell the duplex flats to the tenants which are the immediate family of promoters of Raymond at the rate of Rs.9,200 per square feet after reconstruction at the expense of Raymond. This was at a discount of more than 90% of the market rate. This caught the attention of the business world and Raymond started to appear in the media for something other than their excellence in suiting up India. In a report titled ‘Raynold Ltd: The complete Rip-Off’, the advisory firm Institutional Investor Advisory Services (IiAS) on May 24, highlighted this sale and was targeted in educating the minority shareholders of Raymond.
right629920000Post the report was published; focus point of business world was shifting to the Annual General Meeting of Raymond scheduled on June 5th. In the meantime, Chief Managing Director of Raymond, Gautam Singhania issued a statement mentioning that the Company follows ‘highest level’ of corporate governance saying “All relevant facts pertaining to this matter have been set out in the AGM notice for shareholders to take a considered view. Needless to say, the promoters, being interested parties, will abstain from voting on this matter.” All eyes stared down to the voting rights of minority shareholders in the general meeting on the controversial agreement while Gautam Singhania must have kept a close eye on Raymond shares at BSE after the media exposure on the controversial agreement and his following statement to recover the impact on the company image and market value.

Company BackgroundLeaping into the Global Business with Incorporation in 1925, They are leaders, integrator producer of worsted suiting fabric in the world, with a global capacity of producing42 million meters of wool ; wool-blended fabrics.
A forerunner in the men’s apparel and Textile business, with wide presence in India. They have a huge turnover of over USD 600 million, along with horizontally and vertically integrated. They offer end to end solutions for fabrics and garmenting. The Group has six, state-of -the art textile plants and four garmenting factories, in India and Europe, supported by world-class design studios and ably supported by Italian designers who put together collection twice a year.
Raymond has always focused on innovation and technological upgradation that has yielded path breaking fabric solutions to customers around the world. From pure wool to wool blended with exotic fabrics like Cashmere, Mohair or Angora and Casein or the ultimate in fine pure wool – Super 240s crafted out of 11.6-micron wool, Raymond has always provided customers with world-class products. The company exports its suiting fabric to more than 50 countries, including USA, Canada, Europe, Japan and the Middle East.
Raymond Group along with their eminent global presence also have partnered with leading European manufacturers of shirting fabrics, specialty denim and fine clothing,
Raymond Group has business in readymade garments, cosmetics & toiletries, designer wear, engineering files and tools, prophylactics and charter operations.
Joint Ventures
The Raymond Group today is dignified as a global player with integrated across various categories including worsted suiting, denim, shirting etc The Group has achieved this through partnerships with companies that are the best in the world in their business. Raymond has entered into a JV with Gruppo Zambaiti, Italy’s leading manufacturer of shirting fabric. Our JV with UCO is a merger of equals that will create a global denim major with transcontinental manufacturing in US, Europe and Asia along with a combined capacity of 80 million metres.
This JV with UCO will create synergies in sourcing, manufacturing and marketing.
Our JV have resulted in a unique combination of synergies in manufacturing, marketing, technology, sourcing etc. and will reap tremendous mutual benefits in the years to come.
Retail Network
295910023304500Raymond Group’s products are sold through ‘The Raymond Shop’ one of the most renowned retail chain in the India. The Raymond wide distribution is inclusive of more than 20,000 Multi Brand Outlets, more than 400 exclusive retail outlets located in more than 170 different cities which includes ‘”Raymond Shop’ which retails Raymond Fabric and menswear brands (Park Avenue, Parx, Manzoni and ColorPlus) and restrictive brand outlets for Park Avenue, Manzoni, Colorplus, Parx and Zapp!. The Raymond Shop also has more than 31 outlets overseas in Sri Lanka, Middle East and Bangladesh.
BrandsThe Raymond Group has in its portfolio some of the most respected brands in India – Raymond includes as well leading menswear brands –Parx, Manzoni, Park Avenue and ColorPlus. Raymond, well known India’s brand of leading textile & apparel major Raymond Ltd. took the craftsmanship of garment making and customer convenience to new echelons by launching ‘Raymond Finely Crafted Garments’ (FCG).
Raymond entered into the readymade business with the introduction of Park Avenue in 1986, catering to the formal men’s wear market. Parx which was launched in 1998 to address the growing trend of smart casuals. Both brands have captured major market share in their respective categories due to an inherent advantage of vertical integration and a strong retail presence. “Manzoni was propelled in 2000, a lavish way of life mark was propelled offering a super-premium formal scope of men’s shirts, suits, pants, coats, ties and calfskin adornments.”. Raymond distinguished the requirement for a top of the line, easy going wear mark and thus chose to gain ColorPlus as a piece of key development anticipate their prepared to-wear business. “In September 2007, Raymond took its experience and creativity to a whole new audience by entering into the women’s western wear category with two premium brands, including, ColorPlus Woman, an exclusive range of smart casual clothing for modern, discerning women and Park Avenue Woman, a complete range of Business Wear for women. Raymond Finely Crafted Garments (FCG) This was as of late propelled, It offers clients proceeded with Raymond mark guarantee of ‘Trust, Excellence, Quality and Leadership’ in a selective formal scope of classic, apparels and accessories. “”Raymond Apparel has also moved into kids wear business, as its exclusive brand ‘Zapp!’ Covering the spectrum of children’s lifestyle products, it includes an entire range of children’s apparel and accessories. Raymond Apparel has also launched ‘Notting Hill’, which is the new apparel brand under the popular price segment. A complete ‘value for money’ men’s wear brand, Notting Hill is the perfect combination of fashion, fit, styling and affordability.”
Shareholders”Raymond ltd. started its journey in 10th September 1925 near Thane Creek, Mumbai, India by Lala Kailashpat Singhania. Share allocation during that period it was allotted 200 shares to Directors, 19800 shares for Cash to friends and Manging Agents were having 30,000 shares.”1
1(https://www.goodreturns.in/company/raymond/history.html)
Raymond distributed shares with proportion of 1:3 during period 1973 as 504000 Bonus equities. For period 1978 company distributed shares with proportion of 1:1 as 2016000 Bonus equities. In 1980, “1,20,000-12% secured debentures of 400 each for cash at par were offered to general people”.2. 2.(https://www.goodreturns.in/company/raymond/history.html)
In September 1981 company declared shares 600000 of value 10Rs each for premium 10Rs per share of cash with proportion one Debenture equals to 5 number of shares. And in 1982 also company declared shares of 1425600 with premium of 2.50Rs per share.
Refer Exhibit Shareholdings (https://trendlyne.com/equity/share-holding/1115/RAYMOND/Q1-2017/raymond-ltd/)

In September 1984 for company expansion 480000 – 13.5% secured convertible debenture at 475Rs each. Company again in 1986 offered 800000 – 15% secured convertible debentures at 100Rs each to preference shareholder and resident Indian and 25000000 additional debentures to retails customer. In 1987 also, company offered 1000000 (series IV) – 14% non-convertible debentures at 100Rs each and UTI privately with 250000 -14% non-convertible debentures at 100Rs each. And declared bonus with proportion 1:1 of 11236800 equity shares. The Company in 1989 offered secured non-convertible debentures of quantity 400000 – 14% at 100Rs. each to private placement basis to financial institutions. 1993 company issued taxable secured redeemable non-convertible debentures of 90,63,577-16% at 100Rs each. 2003, Raymond Ltd through greenshoe option raised Rs.25 crore through book building and of same amount through secured non-convertible debentures. In 2012 company declared dividend. For Financial Year 2015 company allotted series G 10.20% – 750 unsecured redeemable non-convertible debentures of 1000000Rs each cash of amount 750Rs Crore on private placement.

“The Raymond Woollen Mills (Kenya) Ltd., became a subsidiary of the Company. The Company’s holding in this subsidiary at the end of March 1996 stood at 5,40,000 of K. Shs. 200 each out of 7,55,625 shares of K.Shs. 200 each.”1 (https://www.goodreturns.in/company/raymond/history.html) In 1998 January, with 3489878 number of equity given to JK. Chemicals Ltd. to become subsidiary of Raymond.

Shareholding pattern during March 2017 before JK House issue which was to give way the JK house to promoters in penny price compare to current market price.
Property Market of MumbaiMumbai, originally a group of seven marshy islands on the west coast of India. Being developed as a commercial port by East India company and connected by rail supported Cotton textile industries. Today, Mumbai is one of the most densely populated cities in the world. Called Bombay earlier, the city is also India’s most prosperous city and contributes to over six per cent of country’s Gross Domestic Product (GDP).

Also known as financial capital, Mumbai is a city built on land reclaimed from the sea. Mumbai’s central business district, Nariman Point, is located at the narrow end of a peninsula. Property in Mumbai is highly expensive, even by global standards. This is especially true of property at the high-end residential and commercial real estate markets in Mumbai.

(https://www.mapsofindia.com/my-india/india/mumbai-the-most-expensive-city-in-india-for-expatriates)
The headquarters of many banks and financial institutions like the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI) and the National Stock Exchange of India are in Mumbai. It also became the capital of the then-newly formed Maharashtra in 1960.

According to latest estimates, the per capita floor space consumption in Mumbai is 4.5 sq mt. The price of high-end real estate at Nariman Point and the Bandra Kurla Complex (BKC) can be comparable with anywhere in the world of premium real estate. Private residential property, Antilla, owned by Mukesh Ambani, the chairman of Reliance Industries which follows under world must expensive also present in Mumbai.

DemographicsMumbai is the second most populous city in India, and the sixth most populous city in the world and the most crowded city in the world, with 1.1 sq mt of open space per person. The population of Mumbai Metropolitan Region, according to the United Nations, was 21 million in 2014, and is expected to grow to 28 million by 2030. The population density of Mumbai was 20, 482 people per sq km. Even though population of Mumbai has grown significantly since independence, building supply and infrastructure has not grown proportionately. 
Indian LawMain laws that govern real state in India are:
“The Real Estate (Regulation and Development) Act, 2016: The Real Estate Act, 2016 aims at protecting the rights and interests of consumers and promotion of uniformity and standardization of business practices and transactions in the real estate sector. It attempts to balance the interests of consumers and promoters by imposing certain responsibilities on both. It seeks to establish symmetry of information between the promoter and purchaser, transparency of contractual conditions, set minimum standards of accountability and a fast-track dispute resolution mechanism.

The Transfer of Property Act 1882: It is an Indian legislation which regulates the transfer of property in India. It contains specific provisions regarding what constitutes a transfer and the conditions attached to it. It came into force on 1 July 1882.

According to the Act, ‘transfer of property’ means an act by which a person conveys the property to one or more persons, or himself and one or more other persons. The act of transfer may be done in the present or for the future. The person may include an individual, company or association or body of individuals, and any kind of property may be transferred, including the transfer of immovable property.

The Registration Act, 1908: the objective of this act, is to provide method of registration of documents in order to educate the general public about the legal rights ; obligations arising or affecting a particular property. As per this act, an instrument related to immovable property need to be compulsory registered.

Indian Stamp act,1899: Basic purpose of this act to is to raise revenue for state governments. This act prescribes rate of stamp duty to be affixed on different kinds of documents including the documents related to real estate transactions. Post stamping such documents is given evidentiary value when produced in court.

Indian Contract Act,1872: this act prescribes the law related to contracts in India and governs the contractual rights and obligations of the parties.

Foreign exchange Management Act(FEMA) and FDI policy: there are restriction on non- resident acquiring property in India but no restrictions on NRI and PIOs buying residential and commercial immovable property in India. However prior Reserve Bank of India (RBI) approval is required if they want to buy agricultural land or farm house in India.”4
4 (http://mohua.gov.in/cms/TheRealEstateAct2016.php)

Conflict Issues”JK House, a prime property in South Mumbai’s tony Breach Candy area owned by Raymond Ltd, was being offered at 90% discount only to promoters of the firm, the Singhania family. Post renovation of JK House, considered as the second tallest private residence after billionaire Mukesh Ambani’s Antilia had been proposed for sale to Singhania family at just Rs 9200 per square feet. However, the prevailing market rates in the area was well above Rs 1,10,000 per square feet.”3
3(https://www.businesstoday.in/current/corporate/jk-house-singhania-family-sale-breach-candy-raymond/story/253050.html)
The Company “Institutional investor advisory services(IiAS)”, which known as advises institutional investors such as mutual funds and insurance companies on whether to support or oppose corporate decisions, raised a red flag over the sale proposal. As per IiAS estimates the deal would result in an opportunity loss of over Rs. 6.5 bn (Rs. 100 per share) for the company and its shareholders. It advised Raymond shareholders to oppose the move at its forthcoming annual general meeting which was held on June 5 2017. 
Detailed sequence of eventsFour duplex flats in JK House were leased to Pashmina holding limited (a subsidiary of Raymond) in 1994 for a period of nine years at the rate of Rs. 6000/month per duplex. The agreement permitted sub-leasing of these flats. Pashmina holding limited sub-leased the four duplex flats to Singhania family at the rate of Rs. 7500/month per duplex. In 2003, lease was renewed in favour of Pashmina holding limited at same cost. The building weakened with the passage of time. In 20006, Municipal corporation of greater Mumbai communicated that building was unsafe and required demolition. In 2007, Raymond’s board executed tripartite agreement with Pashmina holding limited and Singhania family. As per this agreement, Singhania family surrendered their tenancy rights in JK House to the company for reconstruction. In exchange Raymond agreed that, upon completion of the new structure, it would sell the newly developed JK House to Singhania family at the rate of Rs. 9000/square foot of carpet area.
JK house was demolished and reconstructed. The capital deployed for reconstruction was Rs. 2.7 bn and Raymond also bore the cost of lease rentals of the family’s temporary accommodation during the years that JK House was being rebuilt. After the JK house construction had been completed, Singhania family sent letters to Raymond exercising their option to purchase the new apartment in January 2017.

The selling price of Rs.9000 per square foot was lower than JK House’s average cost of construction which was estimated at over Rs. 11,000 per square foot. If the company were to sell the residential properties at market value, it would more than recover its cost of development. All transactions relating to JK House with promoters in the past had been below the then prevailing real estate market price which was prejudicial to the interests of Raymond Limited’s minority shareholders. Previous agreements required the family to pay rent to the company at a flat rate of Rs. 7500 per month per duplex flat, which as per IiAS estimate was less than Rs.2/square foot per month. There were allegations that the promoters were using the company to support their own lavish lifestyle.

The board had failed to protect the interests of the minority shareholders. The board also failed to separate the interests of the company and its promoters.

Analysis of the Conflict –Fiduciary PrinciplesCandour and Disclosure
During 2006-2008, when the board approved the tripartite agreements, and these were signed by the company, annual reports were silent on the transaction
It is only in the 2013-14 annual report that the company first specifically mentions the capital-work-in progress towards JK House in the fixed asset schedule: by 31 March 2014, the company had already spent Rs.1.5 billion on the redevelopment
Loyalty and self-restraint
All audit committee members were also in board members. Hence it was unclear whether the audit committee has approved the transaction.

Majority of board members were serving for more than 10yrs
Steps to avoid Such Conflict between majority and minority shareholders as learned from Raymond Case Study
Minority shareholders representation in Audit Committee.

Approval of transaction by audit committee.

It is unclear whether the audit committee has approved the transaction.

Majority of board members were serving for more than 10yrs.

The quality of board oversight at Raymond Limited is of concern if the board is unable to separate the interests of the company and its promoters.

Therefore, IIAS recommended – the removal of promoters from the audit committee and the nomination and remuneration committee and ask for both committees to be comprised only of independent directors. 
These measures will ensure that the committees are devoid of any potential conflict of interest. 
They must also seek to separate the role of Chairperson and Managing Director and push for a non-family Chairperson who can provide stronger oversight and one that can separate the interests of the company and its promoters.

Campus PresentationEnhancedMetaFilefalsef 0 * MERGEFORMAT

Exhibit
Exhibit ShareholdingsPromoter HoldingHolding Mar 2017
% shares
43.05 2,60,81,855
Name Holding Mar 2017 No of holders Indian/
Foreign
% shares Individuals/Hindu undivided Family 0.4 2,42,610 6 Indian
Ashadevi singhania 0.23 1,39,119 1 Indian
Vijaypat singhania 0.13 80,997 1 Indian
Shephali a ruia 0.02 13,140 1 Indian
Gautam hari singhania 0.01 5,529 1 Indian
Ritwik a ruia 0 2,000 1 Indian
Advait krishna ruia 0 1,825 1 Indian
Any Other 42.65 2,58,39,245 6 Indian
J k Investors (Bombay) limited 29.48 1,78,61,278 1 Indian
J k Helene Curtis limited 5.93 35,92,050 1 Indian
J k Investo trade (India) limited 4.63 28,02,826 1 Indian
J k sports foundation 1.31 7,92,395 1 Indian
Smt Sunitidevi Singhania hospital trust 1.14 6,91,496 1 Indian
Polar investments limited 0.16 99,200 1 Indian
Institutional HoldingHolding Mar 2017
% shares
24.36 1,47,57,994
Name Holding Mar 2017 No of holders
% shares Mutual Funds 7.98 48,31,612 38
Mirae asset fund 3.77 22,83,481 1
Reliance capital trustee co. ltd 1.65 9,96,750 1
Tata mutual fund 1.1 6,64,590 1
Foreign Portfolio Investors 8.06 * 48,82,969 71
Government pension fund global 2.01 12,20,000 1
Em resurgent fund 1.03 6,25,000 1
Dimensional emerging markets value fund 1.03 6,24,327 1
Financial Institutions / Banks 0.2 1,22,190 67
Insurance Companies 7.15 43,33,810 7
Life insurance corporation of india 5.21 31,57,089 1
General insurance corporation of india 1.15 6,99,570 1
Any Other 0.97 5,87,413 32
Foreign financial institution 0.97 5,86,250 26
Foreign mutual fund 0 2 1
Uti 0 1,161 5
Public (Non-Institutions) HoldingHolding Mar 2017
% shares
32.59 1,97,40,555
Name Holding Mar 2017 No of holders
% shares Individual share capital in excess of Rs. 2 Lacs 4.47 27,07,681 33
Ujjwala a singhania 1.08 6,56,855 1
Individual share capital upto Rs. 2 Lacs 16.9 1,02,40,074 1,02,320
Any Other 11.21 67,92,800 4,034
Bodies corporate 7.78 47,13,444 836
Clearing members 1.84 11,15,223 191
Finquest securities pvt. ltd. 1.23 7,46,920 1
Birla sun life insurance company limited 1.22 7,38,420 1
Nri 0.69 4,18,866 993
Huf 0.63 3,82,002 1,504
Nri – non- repat 0.26 1,56,069 496
Overseas corporate bodies 0.01 3,445 4
Trusts 0.01 3,520 8
Foreign individuals 0 231 2

Exhibit JK HouseReconstructed JK House
JK House location, Breach Candy, South Mumbai
Exhibit Top Location Mumbai
ReferenceIiAS_Raymond_report_May2017
http://mohua.gov.in/cms/TheRealEstateAct2016.phphttp://www.raymond.in/https://www.raymondjames.ca/branches/premium/pdfs/annualreport.pdfhttps://trendlyne.com/equity/share-holding/1115/RAYMOND/Q1-2017/raymond-ltd/https://economictimes.indiatimes.com/news/company/corporate-trends/raymond-chairman-gautam-singhania-says-father-gave-him-37-of-company-as-per-family-understanding/articleshow/60266624.cmshttps://www.businesstoday.in/current/corporate/jk-house-singhania-family-sale-breach-candy-raymond/story/253050.htmlhttps://www.mapsofindia.com/my-india/india/mumbai-the-most-expensive-city-in-india-for-expatriateshttps://www.makaan.com/real-estate-mumbai-propertyhttps://en.wikipedia.org/wiki

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