In the world of business and politics, family dynamics often take centre stage, with children often taking the reins after their parents, DNA India reported.
Unfortunately, little did one of the then wealthiest Indian businessman Vijaypat Singhania, the fomer chairman of Raymond Group, know that such a move would prove to be a fatal error.
Story goes that as soon as the retail tycoon transferred his company shares to son Gautam Singhania, a dispute between the two of them left the head of Raymond empire homeless.
The Raymond Group has a market capitalisation of INR 14,280 crores. Gautam, the chairman and managing director of Raymond lives beside Mukesh Ambani in India’s second most expensive house, worth $81 million.
In an interview, Vijaypat narrated how a series of legal disputes and a divided home pushed him into homelessness. The man who was once one of the richest in India, now lives a modest life in a rented property.
From a young age, Vijaypat was embroiled in a family feud. After his uncle’s death, his cousins tried to seize control of Raymond. To avoid further disputes he decided to split the business between his two sons, however one of his son, Madhupati Singhania severed ties with the family and moved to Singapore, leaving Gautam the only heir of the business empire.
In 2015, Vijaypat handed over the charge of Raymond Group to Gautam and stepped down as the chairman. Later, in 2018 he was also removed as Raymond’s Chairman Emeritus.
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