Raymond war: Board of directors sack Vijaypath Singhania as Chairman-emeritus
The September 7 letter, however, stated that the decision to sack Vijaypath was a decision of the board and had nothing to do with the relationship Vijaypath shares with his son.
In a shocking move, Raymond has sacked its founder Vijaypat Singhania the company's chairman-emeritus through a letter.
According to a report in Mumbai Mirror, a letter dated September 7, signed by the company's Board of Directors said that the company had taken “strong dissent of the unparliamentary and derogatory language” used in the senior Singhania’s letters. Vijaypath had written a series of letters to the company secretary and then to the Board, stating that he had been kept out of the loop about board meetings.
The September 7 letter, however, stated that the decision to sack Vijaypath was a decision of the board and had nothing to do with the relationship Vijaypath shares with his son.
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.
Dismissing the allegation, Gautam had in an earlier interview 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.