Raymond’s Ex CEO and Business Tycoon Vijaypat Singhania Is Now Penniless

Vijaypat Singhania was the chairman of the Raymond Group of clothing and textiles. He is also a former sheriff of Mumbai. He is the son of Lala Kailashpat Singhania who was a crucial part of JK organization. Vijaypat Singhania has two sons Madhupati Singhania and Gautam Hari Singhania.

Madhupati Singhania who is the eldest son had suspended bond with his family in 1998. He left his ancestral house in Mumbai and moved to Singapore with his wife and kids. However, prior to this Madhupati Singhania participated in a Family Agreement which declares he has abandoned his as well as his children’s rights to the family property. And with his exit the youngest son, Gautam Hari Singhania came into power as the managing director of Raymond.

However, presently Vijaypat Singhania who invested his hard work and time in Raymond Ltd to make it India’s largest clothing brand is now in trouble. He is in a hand to mouth situation due to his own son who is one of the country’s richest men. Vijaypat who is now residing in rented row house in south Mumbai’s upscale Grand Paradi society condemns son Gautam for his pitiable financial condition.

Recently senior Singhania petitioned Bombay High Court to seek possession of a duplex in the redeveloped 36-storey J K House on Malabar Hill. Vijaypat’s lawyer put forth that the business tycoon’s son dispelled him from the scene once all the wealth was transferred to him. The court was informed about Singhania’s miserable financial condition and that he gave up all his company shares worth of about Rs 1000 crore in his son’s favor.

(Photo Credit: IB times India, Livemint, AsiaOne)