Raymond Group founder Vijaypat Singhania on Thursday expressed deep disappointment witnessing his son Gautam Singhania “breaking up” the company and lamented making the “stupid” mistake of giving “everything” to him. His statement comes at a time when Gautam has separated from wife Nawaz Modi, who has demanded 75% of his fortune.
The 85-year-old Vijaypat also claimed in an exclusive interview with Business Today that Gautam “backed out” after promising to give him some parts of the company.
“Raymond has a very large number of mature, logical shareholders. They can think for themselves. If they see something bad, they react quickly,” he said, referring to the Rs 1,500-crore erosion of market capitalisation of Raymond Ltd stock.
Parents should think very carefully before they give away everything to their children, said Vijaypat Singhania, who handed over the reins of Raymond Group to Gautam in 2015.
“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 which I am surviving on today. Otherwise, I would have been on the road,” he added.
Vijaypat Singhania also spoke about the separation of Gautam and his estranged wife, Nawaz Modi. “It’s difficult to describe what one goes through when you see your own family going through this kind of stress. I can only pray to God. He helps to solve these issues,” he said.
The ex-textile tycoon also described his son as a very arrogant person, suggesting that this was the root cause of the present conflict.
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 said.
However, as Nawaz is a Parsi, she must check if she is covered under the Hindu Marriage Act, he added.
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