India’s most popular clothing brand Raymond Group, Vijaypat Singhania gifted his billion dollar textile empire to his son Gautam Singhania three years ago.
Now the father, Mr. Vijaypat regrets his decision.
Mr. Vijaypat accused his son Gautam of cheating him out of a exclusive apartment and kicking him out off his office premises.
The 80 year old Vijaypat transformed a small firm to a household name in India. The company now supplies high quality fabric to more than 55 countries and saw profits rise 50% in 2018.
Vijaypat Singhania’s troubles started when he gifted a majority 37% stake to his son in 2015. Under a 2007 agreement Vijaypat was to receive an apartment in the 36 storey “JK House” in Mumbai.
The apartment costed tens of million dollars, the Raymond board was against selling valuable company asset to acquire the property.
As the feud escalated Vijaypat claims he was physically removed from his office and all his possessions were stolen, including a Padma Bhushan, one of India’s top civilian honours.
Vijaypat says he will knock the doors of the Indian courts to demand return of the gifted wealth.
This is not the first time that a high profile family have gone public against one and other –
- Mukesh Ambani, currently Asia’s richest man, fought with his brother Anil for years over Reliance after their father Dhirubhai died without leaving a will.
- Liquor and property baron Ponty Chadha and his brother Hardeep killed each other in a shootout over their company.
- Pharmaceutical billionaires Shivinder and Malvinder Singh battle for the family empire.