Vijaypat Singhania, the founder of Raymond Group, expressed his “deep disappointment” at the fact that his son Gautam Singhania “broke up” the company. He also bemoaned his “stupid mistake” of “giving away everything” to his son. The comment made by the former Raymond Chairman, who is now 85 years old, comes at a time when Gautam is in the midst of a contentious marriage dispute with Nawaz Modi, his wife of 32 years. Nawaz Modi has demanded that 75 percent of his money be agreed upon as part of the divorce settlement to be reached.
As stated in an interview with Business Today, the retired industrialist who was responsible for transforming Raymond from a little fabric company into a globally recognized brand expressed that it is extremely distressing to witness his son demolish the manufacturing company.
However, since then, their relationship has undergone a dramatic breakdown, with the father accusing the son of deceiving him out of a prestigious apartment and of evicting him from the company offices without any formality.
Vijaypat made the accusation that the Raymond chief “backed out” after making a promise to give him some of the company’s shares. He also warned parents against “giving everything” to their children.
Vijaypat also claimed that Gautam was responsible for forcing him out of the family home in JK House, which is located in south Mumbai, in the year 2017. Vijaypat, along with a few other members of his family, were assigned to receive private duplexes in the JK House, which is currently held by the family. This was in accordance with a family arrangement.
Moreover, in 2018, he was removed from his position as Chairman Emeritus of Raymond.
There is no business for me. He had previously given me his word that he would give me a portion of the company, but of course he changed his mind. That leaves me with nothing else. Nothing was withheld from him. Today, I am able to make it through the day thanks to the money that I was left with by accident. In that case, I would have been traveling at the time…According to the article from BT, he stated that parents ought to give their children a great deal of cautious consideration before they hand over everything to them.
“Gautam Singhania is the one who is causing Raymond to break up. My heart is wrenched by it. I, however, do not intervene. You won’t find me telling him what he ought to do. It is imperative that he survives. My entire life has been lived. According to Vijaypat, “I have maybe two to three years left.”
RELATIONSHIP BETWEEN A FATHER AND WONDERFUL SON
The bond between Vijaypat Singhania and Gautam, which was the subject of much affection in the past, is now at the center of a contentious conflict within the Singhania family. When Vijaypat chose to hand over ownership of the Raymond Group to his son Gautam in 2015, he did so with the intention of preserving the family’s billion-dollar Indian textile enterprise.
