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<ul><li>There is no law in India that states that the wife should get a certain percent of their husband's income or wealth as <keyword id="6406198" type="General" weightage="20" keywordseo="alimony" source="Orion">alimony</keyword>. </li><li>Actual settlement amount depends on the lawyer, the income of the husband and number of dependents, among other factors. </li><li>If there is accusation of mental cruelty or domestic physical violence against the husband, those will have to be tested before the court. </li></ul>In the process of reaching an agreement following their divorce, Nawaz Modi Singhania, 53, the separated spouse of billionaire industrialist Gautam Singhania, has reportedly requested 75% of his purported $1.4 billion fortune for herself and their two daughters. When Bollywood star Hrtithik Roshan and Sussanne Khan divorced in 2013, she had reportedly demanded ₹400 crore as alimony. It was later settled at ₹100 crore, though not confirmed. High-profile divorce cases make headlines, and when industrialists are involved they may also affect share prices. But when a divorce happens and the wife makes an alimony claim, how do things pan out? "The court will look at the education levels of the person and their ability to be employed while deciding alimony. It's very unlikely that somebody will get 75% of the assets," said Delhi-based corporate lawyer Anuroop Omkar, founding partner of law firm AK &amp; Partners. There is no law on settlement percentage There is no rule in India which says that you have to give so and so percent to your wife as alimony. “It depends on a number of factors. One of them is what is your strategy to get the money- what is the lawyer’s strategy, what are arguments, what is your lawyer’s research. This happens because there is no set rule,” says Vandana Shah, a divorce lawyer. So the actual settlement amount depends on the lawyer, the income of the husband,what the wife is earning and depends on what comes out in court. It also depends on the number of dependents. In the Rajnesh vs Neha divorce case, a few years ago, the court ruled that there's no fixed formula to determine the amount of maintenance to be granted. The awarded maintenance should be fair and practical, ensuring that it enables the wife to sustain herself comfortably and reasonably. The adequacy of the sum should be assessed based on the wife's ability to maintain herself with a reasonable standard of living. “Since November 2020, as per Rajnesh V/s Neha as per the Supreme Court guidelines, every wife who makes a claim for maintenance,makes an application in the prescribed format which - includes the financials of the wife, her monthly expenses, investments, properties she owns and so on. The husband is also expected to file his application with his financials in the format prescribed by the Supreme Court,” says S<a href="https://www.linkedin.com/in/sandhya-vasudevan-sondhi-1099215/overlay/about-this-profile/">andhya Vasudevan Sondhi</a>, founder, SVS Legal, a Mumbai-based boutique law firm that handles family matters. Outside court settlement It is advised that such separation issues be amicably dealt with. Especially in the case of the Singhanias, there will be allegations and counter allegations by both the parties, especially since the tenure of marriage is long. “Looking at the gravity of the whole situation and looking at the children and the long tenure of marriage, if both the parties talk it out and settle the matter, it could be wonderfully handled. If a divorce can be done in a mutual way, it works in the best interest of both the parties, the children and also the respective families,” says Advocate Siddhartha Shah , a divorce lawyer. The law thus provides a solution to this. Section 28 of the special marriage act, talks about of divorce by mutual consent. “If there are unreasonable claims, then one of the parties may not agree. Then the court will have to look at each and every aspect of the accusations and then the court will have to weigh it according to the primary and secondary evidence that is produced before the court,” says Shah. It is noteworthy that if there is accusation of mental cruelty or domestic physical violence against the husband, that will have to be tested before the court. Then the case goes to trial and that can become a time consuming process.

High profile divorces are stories of claims and counterclaims best settled outside court

<keyword id="6368261" type="General" weightage="20" keywordseo="raymond" source="Orion">Raymond</keyword> <keyword id="6373267" type="General" weightage="20" keywordseo="independent-directors" source="Orion">independent directors</keyword> say no law requires them to investigate <keyword id="112907" type="General" weightage="20" keywordseo="matrimonial" source="Orion">matrimonial</keyword> <keyword id="6371437" type="General" weightage="20" keywordseo="disputes" source="Orion">disputes</keyword>. "The IDs are alert to ensure that the matrimonial disputes between the two promoter directors do not in any manner affect the capacity of the Chairman &amp; Managing Director to manage the affairs and business of the <keyword id="24975" type="General" weightage="20" keywordseo="company" source="Orion">Company</keyword>," they said. "The IDs, over the last few weeks, have been meeting and monitoring the situation so far as it affects the Company and the minority shareholders; and reiterate their commitment to protect, at all times, the interests of non-promoter minority shareholders, employees and other <keyword id="6396326" type="General" weightage="20" keywordseo="stakeholders" source="Orion">stakeholders</keyword>," they said. "The IDs shall continue to exercise utmost vigilance in watching the evolving situation and shall not hesitate to proactively initiate measures, the moment required, to protect the interests of all stakeholders. The IDs have decided to retain Berjis Desai, senior independent legal counsel, who has no links with the promoters or the Company, for advising the IDs," they said. "The IDs would like to assure the stakeholders that they shall act dispassionately. The paramount consideration shall always be the interests of the Company as a whole and its non-promoter shareholders. Any material development or remedial measures which impacts the Company shall be forthwith communicated in a spirit of complete transparency," they said. "Your actions must protect the company from what proposes to be a long-drawn acrimonious battle between Nawaz Modi and Gautam Singhania," corporate governance advisory firm, Institutional Investor Advisory Services India Limited (IiAS) had written in a letter to independent directors of Raymond Limited. The letter has been addressed to independent directors, Mukeeta Jhaveri, Ashish Kapadia, Dinesh Lal, K Narsimha Murthy and Shiv Surinder Kumar As per media reports, Nawaz Modi Singhania (Nawaz Modi), a board member, alleged that she and her daughter were physically assaulted by Gautam Singhania, the company's Chairman and Managing Director, at JK House (company property) in September 2023. She also alleged that company funds were being used for Gautam Singhania's personal benefit (CEO excesses) - and that she was acting as a whistle-blower of sorts. "Despite such serious and heinous accusations by one board member against another, you have been silent. Investors are worried, which is reflected in the significant erosion in stock price over the past few days. Your silence can be misconstrued - surely you don't want stakeholders thinking that these accusations are to be tolerated," IiAS said.

Raymond independent directors say no law requires them to investigate matrimonial disputes

<ul><li>Raymond says that the same store sales growth has more than doubled compared to the pre-pandemic levels. </li><li>The luxury apparel maker, which exports almost 90% of its products, says that there is a resurgence in demand from Europe. </li><li>Domestic sales have also been good, thanks to the many weddings that took place in summer. </li><li>Another good season lies ahead, says <keyword id="6405378" type="General" weightage="20" keywordseo="gautam-singhania" source="Orion">Gautam Singhania</keyword>.</li></ul> One of India’s most popular apparel brands, Raymond, is eyeing a bumper sales season ahead. And, it’s not just because of the upcoming festival season. Gautam Singhania, MD of the <keyword id="244481" type="General" weightage="20" keywordseo="raymond-group" source="Orion">Raymond Group</keyword> told Business Insider India, now that offices are open, people wanted to go back to ‘dressing up’. “They are also now a different shape and size. There was also a lot of pent-up demand and as offices opened up, a lot of apparel buying happened. The same-store growth more than doubled as compared to the pre-pandemic levels,” Singhania said while speaking of the growth drivers for his group’s apparel business. Demand from Europe is back According to an IDBI Capital report, the company is expecting a double digit growth in textiles while in shirting it sees growth in mid to high teens. The luxury apparel maker, which exports almost 90% of its products, is also happy with the resurgence of demand from Europe. “In European markets, the demand is very strong. People are back with a vengeance and they want formal clothing. In fact, in Europe, supply chain is a bigger problem than demand,” said Singhania. The Indian market too has seen good sales, thanks to the many pending weddings that took place in the summer wedding season. Unofficially, as many as 40 lakh weddings are known to have taken place in the mid-Jan to June, and that’s only good news for Raymond, which is known for its wedding formals. India goes in for ethnic wedding wear The company also expects a good festive and winter wedding season. And, it’s not just formals that they hope to dress the baratis in. “Raymond is integral to weddings and special occasions and Indian ethnic wear is a growing trend today. We are present in that segment with Ethnix by Raymond and currently available in 32 exclusive brand outlets (EBO), which will be over 100 stores by the end of this fiscal year,” said Singhania. The Ethnix brand, which will be in direct competition to Manyavar, will also be made available in select Raymond Shops, multi-brand outlets and large format stores like Shoppers Stop and Central. Raymond, which is bullish in this category, is also carving a niche that’s much different from that of Manyavar. “Raymond’s ethnic wear is positioned as classic to contemporary in elegant format compared to contemporary and edgy for Manyavar,” said the IDBI report. It hopes to capture 10-15% market share in ethnic category in the next five years. The 98-year-old company is banking on its brand name in the men’s category and groom lounge, to be able to push forward its ethnic wear business too. In the long term, it hopes the Ethnix brand will contribute 15-20% of the total sales of a store. During the pandemic, the company also gave a push to the online business, which has grown at a good trajectory in terms of customer acquisition, it says. They are also taking up multiple initiatives to customize orders received online, and adapting to the technological changes ahead. All in all, it’s betting on another good season to drive its business growth. “Unless the world goes into another lockdown, I do not see any reason why we shouldn’t have another good season,” says Singhania. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/monkeypox-symptoms-are-different-in-this-outbreak-says-british-medical-journal/articleshow/93269309.cms">Monkeypox symptoms are different in this outbreak, says British Medical Journal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/monkeypox-can-heal-itself-but-will-cause-more-deaths-who/articleshow/93269084.cms">Monkeypox can heal itself but will cause more deaths: WHO</a>

Lockdown effect: People are ready to get dressed & go says Gautam Singhania of Raymond

New Delhi, Apr 7 () The ongoing lockdown imposed to contain coronavirus pandemic will only have a "short-term" sales impact on apparel industry, while softening commodity prices will support overall profitability during the current fiscal, according to a top official of Raymond Ltd.The branded fabric and fashion retailer also expects a gradual pick up across various retail formats once normalcy returns after the lockdown is lifted."As we are all aware that due to the lockdown in the entire country, all our point of sales are shut impacting our business in short term. However, we are confident that once the lockdown period is over, the sales would gradually pick up across various retail formats in the country," Raymond Group CFO Sanjay Bahl told .He, however, said it is not all gloom and doom for the sector."While there is a slump in demand due to the pandemic, commodity prices have softened which would support in the overall profitability during the current fiscal," Bahl said.When asked if apparel retailers are in for heavy discount sales once the lockdown is over to clear stocks, he said, "As the current situation is highly unpredictable, we have to wait and see how things unfold in the coming weeks."The month of May might witness some consumer promos as brands will try to make up for the lost sales. We do expect an early onset of end of season sales akin to what happened during GST implementation in the country."Bahl, however, said this will be a great opportunity to break away from the season mentality that is a western concept and not very viable in the Indian context."Taking into account the immense volatility that requires prior commitments of 8 to 9 months in advance, Indian brands could think about creating products much closer to the season then following the regular sales cycle," he said.On suggestions that online sales would increase with people preferring to stay home to avoid store visits due to fear psychosis of the pandemic, he said, "While it might take some time for physical stores to be out of the lockdown impact, there might be some traction on the online channels for a short term".Till the time life returns to normalcy and consumer sentiment bounces back to pre-pandemic levels, Bahl said, "It is hence pertinent for retailers to leverage e-commerce and omni-channel for effective inventory management".On store expansions, he said that in the current scenario, it would be premature to comment on store expansion at this stage as the market dynamics will evolve once the lockdown is over.Raymond has already deeply penetrated in India with presence in over 600 towns through 20,000 point of sales, he said. KRH RKL BALBAL

Raymond expects gradual pick up after lockdown

<ul><li>At 7:50 am, the SGX Nifty was trading flat, indicating a slow start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a tepid note on Wednesday, led by mixed cues from the global markets. At 7:50 am, the SGX Nifty was trading flat, indicating a slow start for Nifty50. However, on Wednesday, after an initial morning decline, <a href="https://www.businessinsider.in/stock-market/news/us-stocks-erase-losses-finish-higher-amid-renewed-stimulus-optimism/articleshow/79538793.cms">US stocks finished mostly higher as investors </a>latched onto hope that another round of fiscal stimulus to hasten the economic recovery is just around the corner. The Dow Jones Industrial Average closed 60 points higher, and the S&amp;P 500 was up 0.18%. These are the stocks to watch out for during the trading session today: RIL and Future Retail The Indian market regulator <a href="https://www.livemint.com/news/india/sebi-asks-bse-to-clarify-on-noc-to-ril-future-deal-11606901705869.html">SEBI has asked the BSE</a> to clarify on the no-objection-certificate (NOC) given by the exchange to the Future Group for amalgamation of some of its business as part of the ₹24,713 crore deal by Reliance Industries’ retail arm. The shares of RIL ended 0.21% higher on Wednesday, whereas Future Retail ended in red. Bharti Infratel and Bharti Airtel Bharti Airtel said its subsidiary Nettle Infrastructure Investments had acquired an additional 4.94% stake in Bharti Infratel for ₹2,882.32 crore. With this transaction, Bharti Airtel’s total stake in its mobile tower arm Infratel has increased to 41.66%. The shares of Bharti Infratel ended 4.40% higher on Wednesday, whereas Bharti Airtel ended in 1% higher. Wipro Wipro wins a multi-year contract from Verifone, a global leader in payments and commerce solutions, to drive agility across its cloud services offerings. The company said it would develop new features, capabilities and interfaces for Verifone’s Cloud Services offerings, enabling seamless and flexible transaction processing for the company. The shares of Wipro ended 1.8% higher on Wednesday. Dabur The company has responded to a study by the Delhi-based NGO Centre for Science and Environment (CSE) and said that its honey had passed the Nuclear Magnetic Resonance (NMR) test in Germany and it is complying with 22 parameters mandated by FSSAI for testing honey. The CSE study shows that 10 of the 13 brands of honey sold in India, including Dabur had failed the NMR test. The shares of Dabur ended 0.61% lower on Wednesday. DHFL The Committee of Creditors for cash-strapped DHFL has voted in favour of inviting revised bids. And, December 14 has been set as the new deadline to submit bids. The shares of DHFL ended 5% higher on Wednesday. Raymond Raymond’s subsidiary Silver Spark Apparel has entered into a share transfer agreement to divest its entire stake in its subsidiary Dress Master Apparel for ₹19.07 crore. The shares of Raymond ended 0.36% lower on Wednesday. Tata Chemicals Tata Sons bought shares worth ₹76 crore in Tata Chemicals. The shares of Tata Chemicals ended 6% higher on Wednesday. SpiceJet SpiceJet intends to expand its cargo business considerably over the next two years, after great success during the pandemic, the company’s Chairman and Managing Director, Ajay Singh said in their annual report. The shares of SpiceJet ended 4% higher on Wednesday. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/burger-king-grey-market-premium-and-heres-what-brokerages-say-about-the-ipo-opening-tomorrow/articleshow/79508730.cms" data-type="tilCustomLink">Burger King India IPO opens today — brokerages recommend ‘subscribe’ on attractive valuations</a> <a href="https://www.businessinsider.in/india/news/delhi-chalo-no-breakthrough-in-talks-government-seeks-farmers-objections-suggestions-on-farm-laws/articleshow/79521894.cms" data-type="tilCustomLink">Delhi Chalo: No breakthrough in talks, government seeks farmers' objections, suggestions on farm laws</a> <a href="https://www.businessinsider.in/science/news/china-just-landed-its-change-5-spacecraft-on-the-moon-the-mission-could-bring-moon-rocks-to-earth-for-the-first-time-in-40-plus-years-/articleshow/79520221.cms" data-type="tilCustomLink">China just landed its Chang'e-5 spacecraft on the moon. The mission could bring moon rocks to Earth for the first time in 40-plus years.</a>

Top stocks to watch — Future Retail, RIL, Bharti Infratel, Airtel, Wipro, Dabur, DHFL, SpiceJet, and others

<ul><li>At 7:40 am, the SGX Nifty was trading 1.06% higher, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on positive note tracking cues from the global peers. At 7:40 am, the SGX Nifty was trading 1.06% higher, indicating a higher start for Nifty50. The US stocks also ended higher on Monday, fueled by a rebound in big tech names. The Dow Jones Industrial Average closed 1.18% higher, and the S&amp;P 500 rose 1.27%. Here’s a list of stocks to watch for in trade on September 15: Future Retail Future Retail reported a net loss of ₹242.2 crore for the quarter ended June 30. The company’s overall revenue was down 88.6% to ₹ 163.2 crore compared to the same period last year. The shares of Future Retail closed 5% lower yesterday. ICICI Bank ICICI Bank said the RBI had exempted it from provisions of the Banking Regulation Act 1949 relating to its investments in its insurance companies. A government notification exempts ICICI Bank from cutting stake to 30% in ICICI Lombard General Insurance and ICICI Prudential Life Insurance, for a period of three years. The shares of ICICI Bank closed 2% lower on Monday. Central Bank of India The Central Bank of India has reduced its marginal cost of funds-based lending rates (MCLR) by 5 basis points (bps) across all tenors, effective from Tuesday. The city-based lender has cut the one-year MCLR to 7.10% from 7.15%, a release said. The shares of the Central Bank of India closed flat on Monday. PVR Limited PVR Limited reported a net loss of ₹225.6 crore for the quarter ended June 30. The company’s overall revenue was down 98.6% to ₹12.7 crore compared to the same period last year. The shares of PVR Limited closed 5% higher yesterday. Indiabulls Housing Finance Indiabulls Housing Finance raised about ₹1,205 crore over the last few days through its qualified institutional placement (QIP) and partial stake sale in UK-based OakNorth Bank Ltd. The non-banking finance company (NBFC) has raised ₹682.87 crore through the QIP and ₹522 crore from the partial stake sale. The shares of Indiabulls Housing Finance closed 5% higher on Monday. Raymond Limited Apparel maker Raymond reported a net loss of ₹247.6 crore compared to last year loss of ₹12.2 crore. The company’s consolidated revenue declined by 88.6% to ₹163.2 crore. The shares of Raymond Limited closed 3% higher on Monday. SAIL: Steel Authority of India Steel Authority of India reported a net loss of ₹1,226.5 crore for the quarter ended June 30. The company’s overall revenue was down 38.8% to ₹ 9,067.5 crore compared to the same period last year. The shares of SAIL closed 2% higher yesterday. Ashok Leyland Hinduja Group-owned Ashok Leyland launched a new light commercial vehicle (LCV) yesterday. Chairman Dheeraj Hinduja said the new LCV comes with the right and left-hand drive options, enabling the company to look at international markets. The shares of Ashok Leyland closed 10% higher yesterday. Allcargo Logistics, SpiceJet, Future Enterprises, and Zee Media Corporation These companies are slated to report their quarterly earnings to the stock exchanges today. SEE ALSO: <a href="https://www.businessinsider.in/india/news/spicejet-airlines-share-price-spikes-4-ahead-of-earnings-tomorrow/articleshow/78107627.cms" data-type="tilCustomLink">SpiceJet shares spike ahead of earnings— losses are certain, but cargo operations may hold some respite</a> <a href="https://www.businessinsider.in/tech/news/oracle-wins-bid-to-become-tiktoks-trusted-technology-provider-in-us/articleshow/78110292.cms" data-type="tilCustomLink">Oracle wins bid to become TikTok's 'trusted technology provider' in US</a>

Top stocks to watch— Future Retail, PVR, Central Bank, ICICI Bank, SpiceJet, Indiabulls Housing Finance, Ashok Leyland and more

<ul><li>The suits maker wants to become a lifestyle experience company targeting 'newly grown ups'.</li><li>The investments are going into rebuilding the entire value chain and the biggest chunk of the money is being spent on technology and digital infrastructure.</li><li>The sale of land parcel in Thane will give the company additional muscle as it invests in trying to reinvent the brand and the company.</li></ul>Raymond has been popular for its suits for decades in India but it wants to be more than that starting next year. “So we want to evolve from a clothing company to a lifestyle experience company,” Chief Executive Officer Sanjay Behl told Business Insider in an exclusive interview. And that would mean remodelling the entire value chain from the supply to technology to the digital infrastructure. “We have partners like SAP, Microsoft, PwC, Accenture have come together to look at every single node of our value chain and make us future-ready, for Raymond 3.0,” Behl said. Most of its investments are going into technology as the company shifts its focus to a younger audience, which Behl likes to call the ‘newly grown ups’. “There are massive IT investments, running into multi-million dollar investments, which are happening currently in under-layering or re-architecting the IT infrastructure of the company.... Our point of sale of in each of these (outlets) is going to change. This is a partnership with Microsoft which again is going to consume multi million dollars,” he added. 
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 In times of slowdown Earlier this year, Group Chairman <a href="https://www.businessinsider.in/raymond-chairman-gautam-singhania-latest-interview-earnings-outlook/articleshow/68519775.cms">Gautam Singhania told Business Insider</a> that the company was likely to turn free cash flow in the financial year ending March 2019 itself. That didn’t happen. The slowdown in the economy and demand may have made matters worse in the months that followed for Raymond, which has a debt of about ₹2,300 crore on its books. Thankfully for the group, the much-awaited deal to sell a massive land parcel in Thane (nearMumbai has come through. On October 9, the company <a href="https://www.bseindia.com/corporates/anndet_new.aspx?newsid=b8f9b333-e7f1-4180-8af8-f47bca7e90b4">informed the stock exchanges</a> that the land has been agreed to be sold for ₹700 crore and will help improve cash flow amidst a broader slowdown in demand. Raymond makes nearly 60% of its revenue in the second half of the year thanks to a series of festivities and weddings across the country. However, this year’s festive season has been off to a sombre start. “There is a definite uptick though it was muted. This time, Onam has not been as.. because there were floods in Kerala and that impacted the sentiment to a very large extent. The Middle East has slowed down a lot versus a few years ago, and Kerala has a lot of Middle East economy that helps them spend. A combination of factors, we have seen a muted response during Onam. The early signs are looking good for <keyword id="6357908" type="UNKNOWN" weightage="20" keywordseo="durga-puja">Durga Puja</keyword>. Though it’s still not as bountiful as we expected,” he said. The interview with Behl took place on September 27. But Behl is confident of a high single-digit growth in topline and a double digit growth in bottomline. 
 
 
 
 
 
 
 
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 The share price of Raymond had lost over a third of its market value since the start of this year. However, the announcement of the land sale has given a huge fillip to the street sentiment. The share price jumped over 8% after the statement sent to the exchanges. “The fundamentals have not changed and the stock market is a consequence of fundamentals eventually. It’s a bit of catch up that will have to be done and it will happen,” Behl had said before the announcement. SEE ALSO: <a href="https://www.businessinsider.in/raymond-chairman-gautam-singhania-latest-interview-earnings-outlook/articleshow/68519775.cms" data-type="tilCustomLink" target="_blank">Two revelations and a fiery defence from Raymond’s boss Gautam Singhania</a>

Raymond is spending millions on SAP, Microsoft, PwC, and Accenture to rewire the company

Mumbai, Apr 18 () Diversified group Raymond Chairman and Managing Director Gautam Hari Singhania has said he will forgo his salary during the lockdown and will take a substantial pay cut after that to help support his company during this challenging time. "In light of the current situation, I have taken the decision that I will not be taking any salary from the company till the lockdown is in place. And, after that I will be taking a substantial reduction on the same," Singhania said in a video message to Raymond employees on Friday. He said liquidity is becoming a major problem, and the teams within the organisation are working hard to find cash. "I think we have to survive at any cost. We must conserve cash at any cost. And also make sure to focus on our collections. Every drop counts. We have to work hard to stay afloat at this tough time," he added. Further, he said that during the current tough times, each and everybody in the organisation will be required to take some tough measures and personal sacrifices. "We need to brace ourselves for this unprecedented time. And I am sure but he has come out at the end of it," he added. Singhania has joined in with his peers who have stood up to the challenges and have shown their commitment by taking pay cuts to support their business amid the COVID-19 crisis. The COVID-19 pandemic has brought havoc to businesses that led many companies resorting to pay cuts and layoffs not only in India but across the world. Uday Kotak, Ritesh Agarwal, Vijay Shekhar Sharma, Anand Mahindra are among many top executives who have announced to forgo their salaries. Kotak Mahindra Bank CEO Uday Kotak has opted to forego his salary and will take only Re 1 as compensation, OYO Hotels &amp; Homes CEO and founder Ritesh Agarwal will take a 100 per cent salary cut for the rest of the year to enable building the runway for the company, Paytm CEO and founder Vijay Shekhar Sharma announced that he will not take two months' salary, Mahindra &amp; Mahindra chairman Anand Mahindra is contributing his 100 percent salary to deal with the severe impact of the coronavirus pandemic. SM HRS

Raymond CMD Singhania decides to forgo salary during lockdown, to take pay cut after that

The shopping scenario in the last couple of years has gone through a massive shift across all segments in India, luxury segment is no different. Luxury goods are becoming more and more affordable and easily available to the consumers. It’s not just the high net worth individuals who are donning the latest trends available in the hi-end segment but with consumers overall are warming up to the idea of E.M.I options for their luxe shopping, jump from hi-street to hi-end has become rather easy. 

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A watching trend When it comes to watches which are a novelty item for most, luxury brands are a favorite. Leading the growth story of watches with 40% <keyword id="34527" type="B2BTAGS" weightage="40" keywordseo="market-share">market share</keyword> online, <keyword id="6354742" type="B2BCOMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> has been witnessing an unusually high demand for premium watches which has been fuelled by an increase in brand awareness and purchasing power of Indian shoppers. According to a recent study released by <keyword id="6355988" type="ORGANIZATION" weightage="20" keywordseo="assocham">ASSOCHAM</keyword>, the luxury retailing will grow at 25 per cent from 2013 till 2018 and is likely to touch $ 18 billion mark from the ongoing level of $ 14 billion by the end of 2018. At Flipkart, the projected growth momentum in this segment has been exceeded where premium watches priced between 15-20K have witnessed close to 250% YoY growth while premium watches priced over 10K have witnessed a 200% YoY growth in sales.

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 With the category currently contributing to 10% of the overall watches business, Flipkart aims to increase this to 15% by the end of 2017 which translates into tie-ups with the brands such as Rado, <keyword id="54994" type="UNKNOWN" weightage="20" keywordseo="Tag-Heuer">Tag Heuer</keyword>, Longines, Movado, <keyword id="6368261" type="B2BCOMPANY" weightage="20" keywordseo="Raymond">Raymond</keyword> Weil, Fredrique Constant, Tissot and others. Ruling roost Men however lead the way at least in this category, “Close to 55% of sales in this category come from metros and tier I cities, with a majority of sales being concentrated in Delhi. Men contribute to close to 75% sales in this category. We aim to maintain this category’s growth momentum by increasing it by 4X times during the upcoming ‘The Big Billion Days’. A couple of exclusive lines with best-selling luxury watch brands too are in the works for the festive sale season,” Rishi Vasudev, Head- Flipkart Fashion told Business Insider. With easy options such as ‘No Cost <keyword id="6357050" type="ORGANIZATION" weightage="20" keywordseo="emi">EMI</keyword>’ and ‘Buy Now Pay Later available for buying luxury goods online, Vasudev credited the rise of luxury watch category to the 'price-conscious' consumers for whom the 'timing' couldn't be better to invest in that hi-end watch they always aspired to buy.

Online luxury watch segment is growing over a whopping 200% in India, Flipkart Fashion Head explains why

<ul><li><keyword id="6368261" type="COMPANY" weightage="20" keywordseo="raymond">Raymond</keyword>'s <keyword id="6405378" type="PERSON" weightage="20" keywordseo="gautam-singhania">Gautam Singhania</keyword> will step down as <keyword id="6364480" type="UNKNOWN" weightage="20" keywordseo="chairman">Chairman</keyword> from group companies </li><li>Family control over the group's management will end with Singhania's exit </li><li>Singhania and his father are in a fight over a disputed apartment</li></ul> India's Raymond Group, which owns a slew of businesses from ready-made garments and toiletries to engineering tools and chartered planes, is set to be free from the clutches of a family that has run it for the conglomerate's entire history. Gautam Singhania revealed that he will step down as Chairman from all group companies, in an interview to the Economic Times (ET), including the flagship company Raymond that is known for suits. The scion of the Singhania family known for <a href="http://overdrive.in/news-cars-auto/features/2015-ferrari-challenge-gautam-singhania-indias-gentleman-racer/" data-type="tilCustomLink" target="_blank">lavish life and flamboyant style</a>, Singhania, will make way for professionals to run the group companies. “Tomorrow morning if I die, god forbid, there are identified people who will take charge of everything. Raymond can run independently and competitively. My children are very young. I have a responsibility to my wife and children, to my employees and shareholders, my banks, institutions and customers," the 53-year-old told the newspaper. It's an unusual move in India, which has the most number of family-owned businesses, only behind the United States and China, according to a Credit Suisse <a href="https://www.credit-suisse.com/media/assets/apac/docs/whitepapers/csri-the-cs-family-1000-2017_en.pdf" data-type="tilCustomLink" target="_blank">report</a> in 2017. However, the move is significant given Gautam's <keyword id="6371281" type="UNKNOWN" weightage="20" keywordseo="property-dispute">property dispute</keyword> with his father <keyword id="178079" type="PERSON" weightage="20" keywordseo="Vijaypat-Singhania">Vijaypat Singhania</keyword>. Vijaypat claims the he should get an apartment in the Singhania family-owned JK House under a 2007 agreement. However, Gautam took the decision to the Raymond board to deny his father's claim as the price agreed upon in 2007 was too low. The elder Singhania is reportedly planning a legal salvo while working on a book that tells his side of the story. "I would advise parents everywhere not to make the mistake of giving away all your savings to your children during your lifetime," Vijaypat said in an interview last week. Meanwhile, Gautam has offered to have a dialogue with his father after a failed appeal to the court to stop the release of the book. Long history Raymond started in 1925 as a small wooden mill in Thane in the outskirts of Mumbai, according to the company website. It grew multi-fold over the next couple of decades but only as a player in textile and related products. It was in 1950 that the group started engineering files. <keyword id="90333" type="PERSON" weightage="20" keywordseo="Kama-Sutra">Kama Sutra</keyword> condoms were born in 1991, and the chartered planes took off in 1996. Gautam Singhania took over the reins in 2000, and as of 2018, the company was exporting its products to 55 countries and has manufacturing units outside India. However, the escalating feud between the father and son has left a blot on a billion-dollar empire.

While fighting his father, an Indian billionaire will quit his nearly 100-year old conglomerate

NEW DELHI: India could introduce a Vocational Training Act on the lines of the one in China, with the ministry of labour and employment working on the contours of the first of its kind initiative in the country to provide legal framework for the Narendra Modi-led NDA government’s Skill India programme that aims to provide quality training to millions of youths over the next seven years to make them employable. 
 As a large number of youths enter the workforce every year, India needs to improve quality of training so it matches international standards, a <keyword id="209888" type="POSITION" weightage="20" keywordseo="senior-ministry-official">senior ministry official</keyword> said. 
 
“We are currently studying the law on vocational education in China and plan to come up with our own legislation that will provide a framework for imparting vocational training in the country,” said the official, who did not wish to be named. 
 Countries such as <keyword id="87" type="COUNTRY" weightage="20" keywordseo="Germany">Germany</keyword> and China have dedicated laws for vocational training and the ministry is studying these to understand how a similar legislation best suited to India can be introduced in the country. “There is an incremental requirement of 347 million skilled manpower in 21 high growth sectors, including manufacturing sector, by the year 2022,” the ministry recently said in a reply to a Parliament question citing a study by the National Skill Development Corporation. 
 
 
 
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 In his <keyword id="117156" type="UNKNOWN" weightage="20" keywordseo="Budget-speech">budget speech</keyword>, <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had announced a new national programme called Skill India to impart employability and entrepreneurship skills to the youth by merging various schemes from across ministries. India has the world’s youngest workforce with over 12 million new entrants in the <keyword id="6357125" type="UNKNOWN" weightage="20" keywordseo="labour-market">labour market</keyword> every year but it is short on skills as only 2.5per cent of the employees have any certified ability. 
 
As a result, the country’s demographic dividend has not materialised. The industry is unable to find employable workers, a situation that experts say could lead to socio-economic unrest if the youth remain unemployed and have no avenue for training. 
 
The target is to skill 500 million people by 2022 and the government is largely betting on private players for skill development programmes. 
 Recently, the ministry of labour and employment has signed flexi MOUs (memorandums of understanding) with <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>, Flipkart, Raymonds and the <keyword id="2470780" type="UNKNOWN" weightage="20" keywordseo="Gujarat-Industrial-Power-Company-Ltd">Gujarat Industrial Power Company Ltd</keyword> (GIPCL) that will give companies the flexibility to design training programmes at Industrial Training Institutes in a manner that the youth are skilled according to the specific needs of the industry.

India's Vocational Training Act To Provide Legal Framework For Skill India Programme

Last month <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> broke the record of the highest paid car in India with his customised <keyword id="6355119" type="CITY" weightage="100" keywordseo="BMW">BMW</keyword>. There are few celebrities in India’s automobile chapter who are the noble owners of some automobile brands that are so steeped in history, glamorous, and have awe-inspiring technology that hyperbole’s come naturally when we talk about them. 
 
 <keyword id="9171" type="PERSON" weightage="100" keywordseo="Anil-Ambani">Anil Ambani</keyword>: The head of Reliance group turns quite a few heads with his <keyword id="75789" type="COMPANY" weightage="100" keywordseo="Lamborghini">Lamborghini</keyword> Gallardo (Rs. 3-3.46 crores). 
 
 
 
 Ratan Tata: Chairman of <keyword id="6355725" type="CITY" weightage="100" keywordseo="Tata-Group">Tata group</keyword> showcases his <keyword id="586840" type="COMPANY" weightage="100" keywordseo="Ferrari-California">Ferrari California</keyword> in an elegance which needs a stature like his to pull it up (Rs. 2.20 crores). 
 
 
 <keyword id="6405378" type="PERSON" weightage="100" keywordseo="Gautam-Singhania">Gautam Singhania</keyword>: A sportscar enthusiast, Chairman of <keyword id="244481" type="COMPANY" weightage="100" keywordseo="Raymond-Group">Raymond Group</keyword> is a proud possessor of <keyword id="16120" type="COMPANY" weightage="100" keywordseo="Ferrari">Ferrari</keyword> 458 Italia (Rs. 2.56 crore) 
 
 
 
 <keyword id="494011" type="UNKNOWN" weightage="100" keywordseo="Rasiklal-Manikchand-Dhariwal">Rasiklal Manikchand Dhariwal</keyword>: Chairman of Rs 500 crore Manikchand Group gifted India’s first <keyword id="106787" type="COMPANY" weightage="100" keywordseo="Maybach">Maybach</keyword> to his daughter back in 2004, when Maybach first entered India (Rs. 5.6 crore). 
 
 
 <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>: Chairman of <keyword id="91942" type="ORGANIZATION" weightage="100" keywordseo="UB">UB</keyword> group owns one of the most expensive cars of India, a <keyword id="45964" type="COMPANY" weightage="100" keywordseo="Rolls-Royce">Rolls Royce</keyword> Ghost (Rs. 2.50-3.05 crores). 
 
 
 <keyword id="100154" type="PERSON" weightage="100" keywordseo="Sergey-Brin">Sergey Brin</keyword>: Though he is not an Indian, co-founder of <keyword id="6355629" type="CITY" weightage="100" keywordseo="Google">Google</keyword> possesses a customised pink <keyword id="107096" type="COMPANY" weightage="100" keywordseo="Tesla">Tesla</keyword> which is bound to make him and his car stand out in the list. Just see it and gap with wonder and amazement! 
 
 
 
 
(Image credits: lamborghini, uncrate, trendzcar, team-bhp.com, bmwblog, autoevolution, cars.com)

You Searched For "raymond in india" and got 12 results

High profile divorces are stories of claims and counterclaims best settled outside court

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