The billionaire’s father, Vijaypat Singhania, spoke out about the family conflict and bemoaned giving “everything” to his son as the separation of Raymond Group MD Gautam Singhania and his wife, Nawaz Modi Singhania, continues to garner media attention.
The founder of the Raymond Group, Vijaypat Singhania, expressed regret over his “stupid” decision to give his son “everything”. He also discussed Gautam Singhania’s withdrawal of his offer to acquire a portion of the company.
“I have no business,” declared the former textile magnate in an exclusive interview with Business Today. Naturally, Gautam withdrew his agreement to give me a portion of the business. I therefore have nothing. I fully committed to him. I was left with some money by mistake, and I’m still here today because of it. I would have been on the road if not.”
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Together with his father, L K Singhania, the 85-year-old businessman and former textile magnate founded the Raymond Group in 1944. From modest beginnings as a clothing mill, the company has grown to become the largest suit garment manufacturer globally.
In addition to receiving numerous honours during his career, Singhania was also awarded the Padma Bhushan, the nation’s third-highest civilian honour. In 2016, Singhania made the decision to give his son Gautam ownership of the company.
Prior to now, Singhania struggled with deciding how to divide the business between his two sons, Gautam and Madhupati. But because of family strife, Madhupati gave up his possessions and his shares in Raymond and cut off all contact with the Singhania’s.
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In the end, Vijaypat gave his son Gautam 37 per cent of Raymond Group. His grandchildren lost their legal battle to challenge these transfers.
The messy divorce settlement between Gautam Singhania and his estranged wife Nawaz Modi has now given rise to another family feud. The latter insisted on receiving 75% of the billionaire’s net worth for herself and her daughters.
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