In a recent revelation, Vijaypat Singhania, the founder of Raymond Group, has voiced regret over a family feud concerning his son Gautam Singhania’s ongoing divorce settlement. His candid remarks shed light on the family’s internal discord, with Singhania expressing remorse for relinquishing “everything” to his son.
Vijaypat Singhania, an 85-year-old tycoon, built the foundation of the Raymond Group in 1944 alongside his father L K Singhania. From a modest clothing mill, the company burgeoned into the world’s largest suit garment manufacturer. Singhania, adorned with accolades, including the prestigious Padma Bhushan, transferred the company’s reins to Gautam in 2016.
The rift in the Singhania family emerged when Singhania was contemplating dividing the company between his two sons, Madhupati and Gautam Singhania. However, amid familial strife, Madhupati renounced his assets and shares in Raymond, severing ties with the family.
Eventually, Vijaypat vested 37 percent of the Raymond Group in Gautam’s hands, an act that faced legal challenges from his grandchildren but ultimately prevailed in court. However, a new controversy has erupted as Gautam and his estranged wife Nawaz Modi find themselves embroiled in a contentious divorce battle. Nawaz Modi seeks a substantial portion, demanding 75 percent of Gautam’s net worth for herself and their daughters.
In an exclusive interview with Business Today, Vijaypat Singhania voiced remorse over his perceived mistake of giving his son “everything” and lamented Gautam’s withdrawal from commitments to allocate some parts of the company to him. He revealed his dependence on remaining funds, regretting a potential loss of all resources.
Sources By Agencies