Once among the country’s richest men, Vijaypat Singhania is now left ‘hand-to-mouth’ by none other than his son Gautam Singhania, to whom he had handed over the control of Raymond.
Once among the country’s richest men, Vijaypat Singhania, who gave the nation its early taste of locally-made fine dressing through Raymond — a brand he built and nurtured for over 20 years — is now left ‘hand-to-mouth’, in his own words. More shocking than this is his claim that the person responsible for his penniless condition is none other than his son Gautam Singhania, to whom he had handed over the control of Raymond.
Vijaypat Singhania recently filed a petition in Bombay High Court seeking possession of a duplex in the 36-storey JK House on Malabar Hill, the Mumbai Mirror reported. In the petition, Vijaypat had accused Raymond Ltd of not handing over the possession of the house to him despite repeated reminders. Vijaypat Singhania also claimed that Gautam Singhania is running Raymond like a personal fiefdom.
By his own admission, Vijaypat Singhania now resides in a rented row house in south Mumbai. Through his lawyers, the original Raymond man went on to claim that his son is now squeezing him out and is driving him out of everything. Vijaypat Singhania’s lawyer senior advocate Dinyar Madon told the court that the retired business tycoon is now struggling financially. “All his perks – like a car and a driver — have been taken away,” Dinyar Madon said in the court, according to the Mumbai Mirror report.
The matter here relates to a duplex that Vijaypat Singhania claims has not been handed over to him despite an agreement. Four duplexes in JK House were given to a Raymond subsidiary, Pashmina Holdings before the company decided to redevelop it 2007. According to the deal, Vijaypat Singhania and Gautam Singhania, Veenadevi — the widowed wife of Vijaypat’s brother Ajaypat Singhania, and Veendevi’s sons Anant and Akshaypat would get 5,185 sq ft each in the redeveloped building on a payment of Rs 9,000 per sq ft. While Veenadevi and Anant have filed a joint petition, Akshaypat has filed a separate petition in the Bombay High Court, laying claims to their share.
Dinyar Madon has alleged that Gautam Singhania has seemingly occupied all the four duplexes himself by laying claims on it in the name of his powers as the CMD of the company. It must be noted here that 78-year old Vijaypat Singhania had given up all his shares in the company worth around Rs 1,000 crore to his son Gautam Singhania.
(First published on Wednesday, 9 August 2017 on www.financialexpress.com)