New Delhi, August 9: Dr Vijaypat Singhania, the man who built Raymond Ltd, India’s largest apparel brands and dressed up Indian men like gentlemen for decades now lives a hand-to-mouth existence. Singhania, who was one of India’s richest men, has now become penniless after handing over the business to his tycoon son Gautam Singhania. Singhania resides in a rented row house in south Mumbai’s upscale Grand Paradi society and is believed to be struggling financially. Apart from various other things, Singhania and his son Gautam are at loggerheads over JK House. As per details by Mumbai Mirror, Singhania had recently filed a petition in the Bombay High Court seeking possession of a duplex in the redeveloped 36-storey JK House on Malabar Hill.
Apart from various other things, Singhania and his son Gautam are at loggerheads over JK House. As per details by Mumbai Mirror, Singhania had recently filed a petition in the Bombay High Court seeking possession of a duplex in the redeveloped 36-storey JK House on Malabar Hill. His lawyer, on Tuesday, told the court that the Singhania was struggling financially these days.
As per reports by Economic Times, the Senior Advocate Dinyar Madon, who is representing Vijaypat told the court that while 78-year-old Vijaypat Singhania gave away all his wealth to his son, his son is now driving him out of everything. The senior Advocate informed that Dr Singhnia had shares that were Rs 1000 crore and gave up all his shares in his son’s favour. After all this, the retired tycoon has been left to fend for himself by Gautam. Madon was quoted by Mumbai Mirror saying, “They are trying to squeeze him (Dr Singhania) now. All his perks – like a car and a driver have been taken away”.
According to reports by Mumbai Mirror, JK House, which was a 14-storey structure when it was unveiled in 1960 and a total of four duplexes in the building were later handed over to a Raymond subsidiary Pashmina Holdings. Later, the company decided to go in for redevelopment in 2007. Reports stated that as per the deal, Dr Singhania and Gautam; Veenadevi, widow of Dr Singhania’s brother Ajaypat Singhania; and her sons Anant and Akshaypat were to get a 5,185 sq ft duplex each in the new building on a payment of Rs 9,000 per sq ft. It was informed that Veenadevi and Anant already filed a joint petition, while Akshaypat submitted an independent petition, in the Bombay High Court staking claim to their apartments.
The Senior advocate has however, sought Rs 7 lakh per month from the company, claiming that Dr Singhania was entitled to an alternate accommodation at the company’s cost along with an injunction against the company from creating any rights in the duplex on the 27th and 28th floor of the redeveloped JK House. As per reports, Madon alleged that Gautam was seen occupying all the four duplexes. It was reported that after hearing both the parties, Justice Girish Kulkarni asked them to try and settle the case among themselves. The Court observed that this kind of litigation should not have come to the court at all and that it should have been settled to which the counsels on both the sides agreed to initiate the talks. For duplex claimed by Dr Singhnia, the court passed the injunction order and asked Raymond to file its reply by August 18, while scheduling the next hearing for August 22.