The ‘Compete’ Man: Fight For Complete Control Of Raymond Group Pits Son Against Father In A Bitter Battle

Vijaypat Singhania, the patriarch who built Raymond’s sprawling textile empire, regrets transferring the control of the group to his son, Gautam Singhania, three years ago, reports Agence France-Presse.

The 80-year old, who built one of the best known textile brands in India, notes that he was emotionally blackmailed into handing over the reins of Raymond to Gautam. “I would advise parents everywhere not to make the mistake of giving away all your savings to your children during your lifetime,” said Vijaypat.

It has been alleged that Gautam Singhania had forced Raymond’s board to stop the transfer of a 36-storey JK House in one of the most prosperous areas of Mumbai, to his father. This violated a separate agreement struck in 2007.

"It was the right thing to do. My responsibility as a son is different from as chairman of Raymond. Here is a board member (Vijaypat) who is using his position of the board to take company assets,” Gautam had countered in an interview with Economic Times (ET) in 2018.

The Raymond family feud adds to the long list of such cases in which the differences between members of business families spilled over in the public arena. Earlier, it was reported that Malvinder Singh of Fortis Healthcare had accused his brother and business partner, Shivinder Mohan Singh, of physically assaulting him in the company’s corporate office.

Also Read: Kirloskar Rift Widens: Family Feud Intensifies As Brothers Approach NCLT For Removal Of Managing Director