‘Stupid mistake’: Raymond founder Vijaypat Singhania laments giving ‘everything’ to son Gautam

The ex-textile magnate handed over the company's reigns to the latter in 2015.

Published on: Nov 23, 2023, 20:33:07 IST

By HT News Desk, New Delhi

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Raymond Group founder Vijaypat Singhania on Thursday lamented making the ‘stupid’ mistake of giving ‘everything’ to son and current Chairman Gautam Singhania. His statement comes at a time when the family is seeing tumultuous times, as Gautam has separated from wife Nawaz Modi, who has demanded 75% of his fortune.

Also Read: Raymond Group Chairman Gautam Singhania announces separation from wife Nawaz

The former Raymond boss, meanwhile, further alleged that Gautam ‘backed out’ after promising to give him some parts of the company.

“Parents should think very carefully before they give away everything to their children,” Vijaypat Singhania, who handed over the reigns of Raymond Group to Gautam in 2015, told Business Today in an exclusive interview.

“I have no business. He (Gautam) had agreed to give me some parts of the company, but of course, he backed out. So, I have nothing. I gave him everything. By mistake, I was left with some money on which I am surviving today. Otherwise, I would have been on the road,” the ex-textile magnate added.

The Raymond boss would be ‘happy to see me on the road,’ he also stated. In 2017, the father had accused the son of ‘pushing’ him out of the JK House building, the family property in south Mumbai.

Vijaypat Singhania on Gautam-Nawaz episode

While he refused to comment on the recent developments in the family, including the allegations of assault by Nawaz Modi against Gautam, the retired industrialist noted how she could easily get what comes under the Hindu Marriage Act (50% of husband's property in case of separation).

“Why is she fighting for 75%? Gautam is never going to give in, because his motto is - buy everybody and buy everything. That is what he did with me. By fighting like this, I don't think she'll get much. Unless she has, maybe, a person like Harish Salve, Mukul Rohatgi, Kapil Sibal,” he asked.

However, as Nawaz is a Parsi, she must check if she is covered under the Hindu Marriage Act, the business veteran said.

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