Twitter
Advertisement

I have a right to that property, claims Vijaypat Singhania

Former Raymond tycoon talks about the ongoing legal battle with his son

Latest News
article-main
Raymond tycoon Vijaypat Singhania with Shaina NC (L) and her mother
FacebookTwitterWhatsappLinkedin

Vijaypat Singhania must have never imagined that it would come to this. In February 2015, the senior Singhania — then Chairman Emeritus of the Raymond Group — proudly gifted away Rs 1,000 crore worth of shares of the company to his son Gautam Singhania.

Now, the retired Raymond tycoon is fighting a court battle with the same son, and has recently filed a petition in the Bombay High Court demanding that Gautam gives him possession of a duplex in JK House in Malabar Hill, Mumbai.

In an exclusive interview, Singhania was reluctant to talk about the details stating that the matter was sub-judice. However, he said, "I do feel that I am right, I do feel that I have a right to the property that I am fighting for. We had a legal agreement and he (Gautam) now wants to dishonour it."

Singhania referred to an agreement where four duplexes in JK House were given to a Raymond subsidiary, Pashmina Holdings for redevelopment. According to Singhania's lawyers, the deal entailed that Gautam, Vijaypat, his brother's wife Veenadevi and her two sons — Anant and Akshaypat — would get a duplex. But despite repeated reminders, Vijaypat Singhania and others have not received their duplexes from his son.       

Replying to whether the difference between the two could be solved in any other way, Singhania said, "I have gifted the company to him, maybe very stupidly. I have gifted everything that I earned in my life to him on February 8 (2015). Since then he (Gautam) has no longer been the guy that I thought he was."       

Singhania's lawyer alleged that two Raymond employees — Jitender Agrawal and RK Ganeriwala — have disappeared all of a sudden. These employees supervise the property, bank accounts and private files of his client.

The lawyer said that his client no longer has any documents to prove his case, because these two employees have not been taking calls or answering messages for the past few months.

The lawyer added that Gautam Singhania has not been made a party in this case's petition so the matter is between the two companies — Pashmina Holdings, Raymond Ltd.

The four family members said that at the shareholders meeting in June this year, more than 95 per cent of the Raymond shareholders refused to give the duplex flats over to the family.

Asked about the shareholders vote, the former Raymond tycoon has a strong reaction. "The issue was not required to go before the shareholders. Also, their rejecting it is not the end of the story because I do feel I have a strong case in court. Maybe it will go into arbitration as required by law, and then one will have and see what will happen.

Singhania also had a strong reaction to media headlines that described him as currently living a "hand to mouth" existence.

"I think that is absolutely ridiculous. I was never (living) hand to mouth and I never will be – God willing. And Gautam can't make me...he can do whatever the hell he likes."

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement