VIJAYPAT SINGHANIA FOUNDER OF RAYMOND LTD SAYS HIS SON GAUTAM HAS REDUCED HIM TO HAND-TO-MOUTH LIFE

 VIJAYPAT SINGHANIA  FOUNDER OF RAYMOND LTD SAYS HIS SON GAUTAM HAS REDUCED HIM TO HAND-TO-MOUTH LIFE

Dr Vijaypat Singhania, who built Raymond Ltd into one of the largest apparel brands in the country

Ex-tycoon’s lawyer alleges his client’s simple perks such as a car and a driver have been withdrawn and payment of rent to an alternate accommodation withheld.

·       Dr. Vijaypat Singhania is locked in a legal battle with Raymond, a firm he helped build.

·       He alleges that his son, Gautam Singhania, has forced him to live a hand-to-mouth existence.

·       The retired tycoon claims he is struggling financially

·       He gave away a substantial portion of his wealth and ownership in the company to his son.

·       Subsequently, he alleged that he was not provided adequate financial support.

·       He has stated that he now lives in a rented apartment in Mumbai.

·       He has also been involved in legal disputes with his son over property and maintenance.

This case study reinforces

·       Family business succession planning

·       Estate transfer without safeguards

YOUR COMPLIANCE PARTNER – R V SECKAR FCS, LLB 79047 19295