From Riches to Rags? Raymond Ltd Founder Vijaypat Singhania in Shambles due to His Son, Gautam Singhania
Mangaluru: 78-year-old Septuagenarian, Vijaypat Singhania, the man who invested his sweat in Raymond Ltd and made it India’s largest clothing brand, is in shambles now. By his own admission, one of the country’s richest men, is leading a hand-to-mouth life at present. Singhania who now resides in rented row house in south Mumbai’s upscale Grand Paradi society blames his son Gautam for his deplorable financial condition. Two days back, the senior Singhania had petitioned Bombay High Court seeking possession of a duplex in the redeveloped 36-storey J K House on Malabar Hill.
The court was informed about his miserable financial condition as well. Vijaypat’s lawyer told the court that 78-year-old business tycoon’s son drove him away from the scene after he gave away all his wealth to him. The court was informed that Singhnia gave up all his shares in the company worth around Rs 1000 crore in his son’s favour. Vijaypat Singhania was the chairman emeritus of the Raymond Group of clothing and textiles and a former Sheriff of Mumbai, from 19 December 2005 to 18 December 2006.
The septuagenarian is broke and cannot even avail a car, a driver or rent of his alternative accommodation, according to senior advocate Dinyar Madon. Madon is representing Vijaypat along with firm Bachubhai Munim and Co in a case in the Bombay High Court. The senior Singhania, who handcrafted one of the largest Indian apparel brands, currently lives in a rented row house in the posh Grand Paradi society in south Mumbai.
Vijaypat flanked by his Son, Gautam Singhania
Vijaypat had handed over to Gautam shares worth Rs 1,000 crore he held in Raymond along with the wealth, Madon told the court. Gautam is driving Vijaypat “out of everything,” he said. A legal tangle with Gautam over the possession of a 5,000 sq ft duplex at JK House in Malabar Hill, Mumbai is also taking a toll on Vijaypat’s fortunes. Raymond redeveloped JK House into a 36-storey building from a 14-storey one. Earlier, the company had four duplexes in the building and they were given to Pashmina Holdings, a subsidiary of Raymond. After redevelopment, the deal reportedly entailed that Gautam, Vijaypat, his brother’s widow Veenadevi, and her two sons were supposed to get one duplex each.
All of them, excluding Gautam, have filed petitions in the Bombay High Court, staking claim over their respective duplexes. Madon told the court that Gautam was occupying all of the four duplexes in question wherein only one belongs to him. He also said that in a bid to enable Gautam hold the four properties, the company made him Chief Managing Director. Raymond’s legal representatives — senior advocates Janak Dwarkadas and Virag Tulzapurkar, and law firm Wadia Ghandy & Co.— argued that Gautam was not a party in the petition and it was confined to the two companies — Pashmina Holdings and Raymond Ltd.
While both parties agreed upon an injunction order against creation of any third-party right over the duplex, they disagreed on Vijaypat’s demand of being paid Rs 7 lakh per month by Raymond for renting an alternative accommodation. Advocate Dwarkadas has asked for further time to file reply with regard to this claim by Vijaypat as the proposition to pay him rent money and hand over duplex possession was rejected by Raymond’s shareholder in this year’s AGM. Going by Justice Girish Kulkarni’s advice, counsels of both parties have agreed to settle the matter by holding talks.
Courtesy: Agencies
Worthless son.
On a lighter note, does the ‘rag’ have a brand name such as Park Avenue? Just curious.Raymonds manufactures the best clothing line in the entire world. It is a pity that Vijaypath Singhania has to depend on his son’s mercy. Make the will with conditional clauses. Also do not give away all. Keep some for you which can go to good charity after you.