New Delhi: A high profile family feud is on between Vijaypat Singhania and his son in connection with the former’s decision of handing over the billion-dollar textile empire Raymond Group to the latter. The father has claimed that his son had pushed him out of the company offices and had also cheated him out of an exclusive apartment. Vijaypat added that he was subject to ’emotional blackmail’ when he took the decision. He also called his decision of handing over the company as “the height of stupidity”. Also Read - Court junks Raymond CMD's plea against father's autobiography
Raymond Group has become the household name in India mainly because of Vijaypat’s efforts. The 80-year-old has been responsible for moulding the small textile business into a global producer of high-quality worsted wool suits. Also Read - Bombay HC refuses to stay hearing on suit against fmr Raymond chair's autobiography
The family feud began when Vijaypat handed over his 37-per cent controlling stake in 2015. As per a 2007 agreement, he was supposed to receive an apartment in the Singhania family’s 36-storey JK House in Mumbai’s Malabar Hill area. As the feud escalated, the Raymond board accused him of using offensive language in company letters. Thereafter, the ‘chairman emeritus’ title was snatched from Vijaypat who alleged that he was physically sent out of the office. Moreover, all his possessions including the prestigious Padma Bhushan award were confiscated. Also Read - Samajwadi Party Split: Family Feud Out in Open Again, Daughter-in-law Aparna Yadav Announces Support to Uncle Shivpal Yadav
Vijaypat alleged that the feud has distanced him from his son and they have not spoken in two years. He announced his decision to take back the gifted property from his son as per the recent court ruling under a 2007 law which gives parents the right to do so if they are unable to take care of their basic needs.
On November 14, Gautam Singhania stepped down from the position of the chairman of Raymond Apparel Limited, stated news agency ANI. However, Singhania has remained as one of the board members so that he could run the company more professionally.
(With Agency inputs)