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India's once-rich tycoon in financial misery, thanks to son

Khaleej Times logo Khaleej Times 10-08-2017 Web Report
India's once-rich tycoon in financial misery, thanks to son © Provided by Khaleej Times India's once-rich tycoon in financial misery, thanks to son

It sounds like a riches to rags story.

He was once one of India's richest men. Today, the business tycoon has been pushed to financial misery by none other but his son.

Dr Vijaypat Singhania, who built the Raymond empire, is struggling to make ends meet and blames only one person for his hand-to-mouth existence - Gautam, his son, a report in The Economic Times says.

Singhania worked hard to establish the apparel brand - Raymond Ltd - and later passed over the reins to Gautam. Today, the 78-year-old stays in a rented row house in south Mumbai's Grand Paradi society, because he alleges his son isn't allowing him access to a flat which he owns.

He has filed a petition in the Bombay High Court seeking possession of a duplex in the redeveloped 36-storey JK House on Malabar Hill, Mumbai Mirror has reported.

Unveiled in 1960, JK House was a 14-storey building. Four duplexes of JK House were later given to a Raymond subsidiary Pashmina Holdings. In 2007, the firm went in for redevelopment, The Economic Times report states.

The report says that according to the deal, Singhania and Gautam; Veenadevi, widow of Singhania's brother Ajaypat; and her sons Anant and Akshaypat were to get a 5,185 sq ft duplex each in the new building.

Veenadevi, Anant and Akshaypat are staking claim to their flats and filed petitions.

Singhania's advocate Dinyar Madon has clearly told the court that the businessman gave away all his wealth to his son, including company shares worth around Rs1,000 crore. And now, he is being driven "out of everything" by Gautam and left in the lurch. His perks - like a car and a driver - have also reportedly been snatched away.

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