Refuting the allegations made against him by his own father, Vijaypat Singhania, Chairman & Managing Director of the Raymond Group , Gautam Singhania, said that he is the only legal heir to Raymond.
Refuting the allegations made against him by his own father, Vijaypat Singhania, Chairman & Managing Director of the Raymond Group , Gautam Singhania, said that he is the only legal heir to Raymond.
Gautam Singhania, 52, has been in headlines for an ongoing legal battle with his own father over the family home JK House. In an interview given to the Economic Times, Gautam Singhania also denied his father stand that he made a mistake by gifting his 37.17% stake in the company worth over Rs 1,000 crore to his son.
Dismissing the allegation, he said, "Who would have he given it to? Let's be blunt ... I have worked 35 years here, 16 hours a day. It was an agreement from day one. It has been a family understanding for 30 years. What is the big deal,"
In an another interview to live mint, the business tycoon has said that the family politics should be kept separate from business. He also emphasised on the fact that he feels responsible to protect the family wealth and is working on a succession planning for the longevity of the group.
Singhania is fighting a legal battle with his son, Gautam Singhania, the chairman and managing director of Raymond Ltd, to keep from being homeless. He had moved the Bombay High Court against Gautam, seeking possession of a duplex flat in the 37-storey JK House in the upscale Breach Candy, alleging that his son was squeezing him out of an empire he himself built.
In a petition filed by him against his son, he mentioned that Gautam Singhania is running the business like a personal fiefdom.
Proxy firm Institutional Investor Advisory Services (IiAS) had also given recommendations against the proposal, saying Raymond's promoters and their extended family were trying to buy the premium property in Mumbai from the company at "throwaway rates" which will result in a loss of over Rs 650 crore to the company and its shareholders.
However, the court has suggested to solve the matter amicably.
Meanwhile, Vijaypat Singhania suffered severe chest pain and was admitted to Breach Candy hospital on August 18. However, doctors sais that he is out of any danger now.
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