Vijaypat Singhania, the founder of Raymond Group, recently opened up about the family feud involving his son Gautam Singhania's divorce settlement.
As the separation of Raymond Group MD Gautam Singhania and his wife Nawaz Modi Singhania continues to make headlines, the billionaire's father Vijaypat Singhania opened up about the family feud, lamenting giving "everything" to his son.
Vijaypat Singhania, who founded the Raymond Group, talked about how he regrets the "stupid" mistake of giving his son "everything". He also talked about how Gautam Singhania backed out of giving some parts of the company to him.
In an exclusive interview with Business Today, the former textile magnate said, "I have no business. He (Gautam) had agreed to give me some parts of the company, but of course, he backed out. So, I have nothing. I gave him everything. By mistake, I was left with some money on which I am surviving today. Otherwise, I would have been on the road."
Who is Vijaypat Singhania, founder of Raymond Group?
Vijaypat Singhania is an 85-year-old businessman and former textile magnate who founded the Raymond Group in 1944, along with his father L K Singhania. The company started out as just a small clothing mill, and is now the world's largest suit garment manufacturer.
Singhania has received several honors throughout his career, and is also the recipient of Padma Bhushan, which is the third highest civilian honour in the country. In 2016, Singhania decided to hand over the company shares to his son Gautam.
Earlier, Singhania was torn between splitting the company between his two sons, Madhupati Singhania and Gautam Singhania. However, Madhupati relinquished his assets and his shares in Raymond due to infighting in the family, and severed all ties with the Singhanias.
Eventually, Vijaypat transferred 37 percent of Raymond Group to his son Gautam. His grandchildren tried to fight this transfers in court but lost the case.
Now, another family feud has erupted in the family as Gautam Singhania and estranged wife Nawaz Modi are in the middle of a messy divorce settlement. The latter demanded the billionaire to give her and her daughters 75 percent of his net worth.
Who is Vijaypat Singhania, Raymond founder who slammed son Gautam Singhania? - Hindustan Times
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