Wednesday, May 22, 2024 | Last Update : 08:13 AM IST
India's 'Raymond' man is now fighting a battle against his son
Singhania, who gave up all shares of Raymond Ltd to his son Gautam, is now left defenseless against him.
Mumbai: One of India’s richest men, the founder of a brand Indians have long associated with fine clothing, has now been reduced to a life of financial struggle with his own son.
Dr. Vijaypat Singhania, the ‘Raymond’ man, has filed a petition in the Bombay High Court alleging that he was not given the possession of a duplex in the upscale 36-storey JK House on Malabar Hill. According to a report in Mumbai Mirror, he was not given the possession despite repeated reminders to the owner of JK House -Raymond Ltd.
Singhania handed over Raymond Ltd to his son Gautam, who he now says treats the redeveloped JK House as his “personal fiefdom”.
Four duplexes in JK House were handed over to a Raymond subsidiary, Pashmina Holdings before the company decided to redevelop it 2007. According to the deal, Vijaypat and Gautam, Veenadevi, the widowed wife of Vijaypat's brother Ajaypat Singhania, and her 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.
Vijaypat has accused son Gautam of “high-handed conduct” and said two Raymond employees, Jitender Agarwal and RK Ganeriwala, who handled documents for him have gone missing with no access to documents. His complaint hinted that this was all orchestrated by Gautam.
According to Senior Advocate Dinyar Madon, who is representing Vijaypat along with law firm Bachubhai Munim and Co, Gautam is squeezing him "out of everything”. "All his perks - like a car and a driver -- have been taken away,” he said.
It is sad that a man who dressed Indian males for over two decades, has been reduced to such a disappointing state.
