Raymond Names New Auditors for Five-Year Term

Raymond Limited's Board of Directors has approved the appointment of Price Waterhouse Chartered Accountants LLP as the company's new statutory auditors. The firm will serve for a five-year term, succeeding M/s. Chaturvedi & Shah LLP whose tenure ends at the upcoming 101st Annual General Meeting.

Board Approves New Auditors

The board made its decision during a meeting on May 5, 2026, passing a resolution to appoint Price Waterhouse Chartered Accountants LLP. The proposed five-year term will begin after shareholder approval is secured at the 101st Annual General Meeting.

Importance of the Appointment

Selecting a new statutory auditor is a key governance action. It ensures an independent examination of the company's financial health, offering confidence to shareholders and stakeholders. The choice of Price Waterhouse Chartered Accountants LLP, a well-regarded audit firm, signals Raymond's dedication to thorough financial oversight and adherence to regulations.

Background

Raymond Limited is a major Indian conglomerate with interests spanning branded textiles, apparel, garment manufacturing, and real estate. It is a leading producer of worsted fabrics and manages a wide retail network. The outgoing auditors, M/s. Chaturvedi & Shah LLP, were initially appointed to fill a casual vacancy, with their term concluding at the upcoming AGM.

Next Steps

• Shareholders will vote on the appointment of Price Waterhouse Chartered Accountants LLP at the 101st AGM.
• Upon approval, Price Waterhouse Chartered Accountants LLP will begin audit duties, replacing M/s. Chaturvedi & Shah LLP.
• The new audit mandate will cover a five-year period starting after the 101st AGM.

Governance Considerations

While the current filing does not detail specific risks related to this auditor appointment, Raymond has faced past governance issues. The company was fined ₹7 lakh by SEBI in 2019 for related party transaction violations. Additionally, some corporate governance advisory firms have voiced concerns regarding other company matters, such as the proposed appointment of Gautam Singhania as Executive Chairperson of Raymond Lifestyle, citing transparency and reputational risks. The proposed auditors, Price Waterhouse Chartered Accountants LLP, have no adverse regulatory actions noted against them in the last 24 months.

Industry Practice

The appointment of reputable audit firms for statutory duties is standard practice across the industry. Companies like Aditya Birla Fashion and Retail and Arvind Fashions also engage leading audit firms, aligning with common corporate governance standards.

Investor Focus

• The outcome of the shareholder vote at the 101st Annual General Meeting.
• Confirmation of the official start date and responsibilities for the new statutory auditors.
• Future updates on the audit committee's work with the incoming firm.
• Monitoring the company's financial reporting and compliance under the new audit oversight.