Vijaypat Singhania rules out reconciliation with estranged son Gautam
New Delhi, Mar 26 (PTI) Raymond patriarch Vijaypat Singhania on Tuesday ruled out reconciliation with his estranged son Gautam Singhania, whose social media post of a photo of them sparked speculations of resolving their differences.
In a video message, Vijaypat Singhania said he had “reluctantly” gone to meet his son Gautam who insisted he meet over a cup of coffee without “realising it was for an ulterior motive for taking my photograph, with GHS (Gautam Hari Singhania) to send a wrong message to the media”.
On March 20, billionaire Gautam Singhnia posted a photo on the microblogging platform ‘X’ through his account @SinghaniaGautam with his father Vijaypath.
It was with a caption:” Happy to have my father at home today and seek his blessings. Wishing you good health Papa always.
A reply from the Raymond group is still awaited over this.
In the video message, the senior Singhania said, “Since the media is asking, I am clarifying my position. I try to clarify my position. On Wednesday on March 20, while I was on my way to the airport, I received a call from Gautam Hari Singhnia’s (GHS) assistant, repeatedly trying to persuade me to come to the JK House.
“When I refused GHS came on the line himself and said I would take only 5 minutes of my time over a cup of coffee. I went most reluctantly, not realising it was for an ulterior motive for taking my photograph, with GHS to send a wrong message to the media." Vijaypat further said a few minutes later after he came down and left for the airport, he started receiving his photo with Gautam on the internet claiming “that Gautam and I had made up, which was totally false”.
“Within a short time, it was all over the media. I do not know what his real motive was but it was certainly not for coffee, not to resolve our differences,” Vijaypath asserted.
Vijaypat Singhnia, the former chairman of Raymond Ltd, has been locked in an acrimonious public dispute with his son, Gautam Singhania, over the property for many years.
Vijaypat founded Raymond Group, which became a household name in India, producing apparel brands and textiles. His son, Guatam diversified the group into more sectors in an attempt to widen the revenue.
In 2015 when Vijaypat Singhania transferred all of his shares in Raymond, a 37.17 per cent stake worth around Rs 1,000 crore at that time, to Gautam but this was challenged by four of his grandchildren (children of Madhupati, Gautam's brother).
According to reports, in 1998 Madhupati Singhania parted ways with his father and younger brother Gautam following his differences by signing a family agreement, relinquishing his and his children’s rights on the family property and shifted to Singapore.
However, Vijaypat Singhania transferred all of his shares in Raymond to Gautam, which he started to regret publicly two years later.
Two years later Vijaypat Singhania filed a petition in the Bombay High Court seeking possession of a duplex in the redeveloped 36-storey JK House on Malabar Hill, starting the legal tussle with Gautam.
He had claimed that after giving up all his shares in Raymond in favour of Gautam, he was then left to fend for himself and was living in a rented house in Mumbai. The JK House was the centre of the dispute between the two.
In 2017, Gautam had advised shareholders at the AGM of Raymond against a proposal to sell the flats to tenants of JK House after its renovation, while he himself abstained. The shareholders rejected the proposal.
As per a family agreement, a duplex each at the JK House was to be sold to Vijaypat, his son Gautam, and the widow and two sons of Vijaypat Singhania's brother Ajaypat Singhania.
Gautam Singhania in November 2023 announced separation from his wife Nawaz, after a 32-year relationship.
As part of a settlement, Nawaz Modi Singhania has sought 75 per cent of Gautam Singhnia's reportedly USD 1.4 billion net worth for her two daughters, Niharika and Nisa, and herself. PTI KRH RKL KRH MR
Disclaimer: This article is published from a syndicated feed and has not been edited by the Deccan Chronicle team