Raymond Limited, a leading diversified conglomerate, has announced the appointment of Mrs. Rashmi Mundada as a Woman Independent Director (Additional Director) on its Board. The decision was approved by the Board of Directors through a resolution passed via circulation on March 29, 2025. The appointment will be effective from March 28, 2025, and will continue until the date of the next General Meeting or until her appointment is regularized by the company’s members, whichever is earlier.

Compliance with Regulatory Norms

The appointment is in line with the recommendations of the Nomination and Remuneration Committee and adheres to the requirements of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"). The appointment also complies with the guidelines prescribed by the Stock Exchange circulars NSE/CML/2018/24 and BSE/LIST/COMP/14/2018-19, dated June 20, 2018.

Approval Process and Tenure

The appointment of Mrs. Rashmi Mundada is subject to the approval of the members of the company in the upcoming General Meeting. She will serve as a Woman Independent Director for a period of two years from March 28, 2025.

Professional Background and Expertise

Mrs. Rashmi Mundada is a fellow member of the Institute of Chartered Accountants of India (ICAI) and a practicing Chartered Accountant with over 22 years of professional experience. She also holds a Diploma in System Audit (DISA) from ICAI, reflecting her expertise in systems audit and internal controls.

Mrs. Mundada has a vast professional background in various domains, including:

• Auditing and Assurance – Extensive experience in handling audit processes and ensuring compliance with regulatory standards.

• Income Tax and GST Advisory – Expertise in taxation matters, assisting clients with compliance, tax planning, and risk management.

• Business Transformation and Risk Management – Adept at implementing business strategies and mitigating potential risks effectively.

• Project Finance and Governance – Strong exposure to managing project finances and enhancing corporate governance frameworks.

Currently, Mrs. Mundada serves on the Board of five unlisted public companies, providing her knowledge and governance expertise to various organizations.

Independent Role and No Conflict of Interest

As per the disclosure norms, Mrs. Mundada is not related to any Director or Key Managerial Personnel (KMP) of Raymond Limited, ensuring her independence and objectivity in contributing to the decision-making processes of the Board.

Impact of Appointment

The appointment of Mrs. Rashmi Mundada is expected to enhance the diversity and governance practices of Raymond Limited, aligning the company with the regulatory requirements and corporate governance standards. Her rich experience in auditing, taxation, and governance will provide a fresh perspective and strengthen the Board’s decision-making process.

Strategic Focus on Gender Diversity

Raymond Limited’s decision to appoint a Woman Independent Director also reflects its commitment to promoting gender diversity and inclusivity on its Board. This move aligns with SEBI’s mandate to ensure that listed companies maintain a balanced representation of both genders at the leadership level.

Company Statement

In its official statement, Raymond Limited expressed its confidence that Mrs. Mundada’s deep industry expertise and knowledge of business transformation will contribute significantly to the company’s growth and enhance its governance practices. The company reiterated its commitment to strengthening Board oversight and improving governance standards to ensure the highest level of transparency and accountability.

Compliance with Listing Regulations

As mandated under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the company has duly notified the exchanges about the appointment and disclosed the relevant information.

Next Steps

The company will now seek approval from its shareholders in the upcoming General Meeting to regularize the appointment of Mrs. Rashmi Mundada. The management remains confident that her appointment will lead to positive outcomes for Raymond Limited.

With this strategic move, Raymond Limited continues to demonstrate its commitment to corporate governance, regulatory compliance, and diversity at the Board level, paving the way for a more balanced and effective decision-making process.

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