Once Among India’s Richest, This Billionaire is Penniless Now!

2 min

Once Among India's Richest, This Billionaire is Penniless Now!

This is a story that resembles one of the most common plot lines of Hindi Cinema. The ‘riches-to-rags story of an ex-tycoon because of his unruly and villainous son’ has been a common deal in the reel world, but here we are today discussing one such real story.

The Raymond man- Vijaypat Singhania, a retired tycoon is reportedly struggling financially; so much so that he cannot even avail a car, a driver or rent of his alternative accommodation. According to his lawyer, he is entangled in a legal battle with his son for even a roof over his head.

Vijaypat Singhania, who built one of the largest Indian apparel brands, currently lives in a rented row house in the posh Grand Paradi society in south Mumbai and the company has refused to reimburse him for the rent, which is Rs. 7 lakh a month. According to the reports; in 2015, he had given away his 37.1% stake in the company – worth more than 1000 crore – to his youngest son, Gautam Singhania.

2 years later, Vijaypat Singhania had to resort to filing a petition in Bombay High Court seeking possession of a duplex in the 36-storey JK House on Malabar Hill. In a conversation with media, Vijaypat Singhania has very openly blamed his son for his “hand-to-mouth” state of existence.

According to a 2007 family agreement, Mr Singhania, his son Gautam, and the widow (Veenadevi) and two sons (Anant and Akshaypat) of Vijaypat Singhania’s brother Ajaypat Singhania, were to get a duplex each in JK House, a family property.
Already, Veenadevi and Anant have filed a joint petition, while Akshaypat has submitted an independent petition, in the Bombay High Court staking claim to their apartments.

Vijaypat has also 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.

Senior Advocate Dinyar Madon, who is representing Vijaypat along with law firm Bachubhai Munim and Co., told the court that while the 78-year-old gave away all his wealth to his son, the son is now driving “him out of everything.”

The court has asked the father and son to resolve the issues amicably. “Such matters should not have reached the courts in the first place. These are disputes between a father and son,” said Justice GS Kulkarni during a hearing this week, while scheduling the next hearing for August 22.

This depressing and shocking story of the man who built the brand ‘Raymond- the complete man’, shows how his son couldn’t live up to his company’s tag line.

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