Riches To Rags: Raymond Tycoon Is Now Penniless, Holds Son Responsible

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Mumbai: Vijaypat Singhania, the man behind India’s famous men apparel brand Raymonds and once among the richest Indians is now left hand-to-mouth’, in his own words. He claimed that the person responsible for his condition is none other than his son Gautam Singhania, to whom he had handed over the control of Raymond.

Vijaypat Singhania recently filed a petition in Bombay High Court seeking possession of a duplex in the 36-storey JK House on Malabar Hill, Mumbai Mirror reported. In the petition, Vijaypat had accused Raymond Ltd of not handing over the possession of the house to him despite repeated reminders. Vijaypat Singhania also claimed that Gautam Singhania is running Raymond like a personal fiefdom.

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By his own admission, Vijaypat Singhania now resides in a rented row house in south Mumbai. Through his lawyers, the original Raymond man went on to claim that his son is now squeezing him out and is driving him out of everything. Vijaypat Singhania’s lawyer senior advocate Dinyar Madon told the court that the retired business tycoon is now struggling financially. “All his perks – like a car and a driver — have been taken away,” Dinyar Madon said in the court.

The matter here relates to a duplex that Vijaypat Singhania claims has not been handed over to him despite an agreement. Four duplexes in JK House were given to a Raymond subsidiary, Pashmina Holdings before the company decided to redevelop it 2007. According to the deal, Vijaypat Singhania and Gautam Singhania, Veenadevi — the widowed wife of Vijaypat’s brother Ajaypat Singhania, and Veendevi’s 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.

It must be noted here that 78-year old Vijaypat Singhania had given up all his shares in the company worth around Rs 1,000 crore to his son Gautam Singhania.

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