The man in the image was one of the richest and busiest men in India. His name is Vijaypat Singhania and he had built the most-renowned fashion brand- Raymond. The company is now the largest producer of suiting fabric and it’s net worth is $1.9 billion. But, Vijaypat is no more the wealthy person and he’s now facing the financial worries and fighting to earn an own house. He is gone from living in top bungalows to almost homeless.
Yes, his success story has turned into a sad one as Mr. Vijaypat Singhania is now a normal man who’s residing in a rented flat and completely blames his own son and current MD of Raymond group – Gautam Singhania for that.
Going into the matter, Singhania has filed a petition in Bombay High Court seeking the ownership of a duplex in 36-stored JK house on Malabar Hill. According to his lawyer, ‘Vijaypat handed over all his money and properties to son Gautam, who’s now running Raymond like a personal fiefdom.’ So, through a legal petition, the ex-Boss is now demanding a duplex in JK House as per the pre-written deal between him and son Gautam, Veenadevi (widow wife of his brother Ajaypat Singhania) and her sons. As per deal, they will get a 5185 sft duplex each at a price of Rs 9000 per square ft.
The petitioner also alleged that Gautam is attempting to occupy all four duplexes by misusing his powers. So, the advocate has demanded Rs 7 lakh per month from the company for an alternate accommodation. It now remains to be seen this legal battle will turn out to be. The next hearing is on 22 August and the Court asked Raymond group to file its reply by 18th of this month.
This is the riches-to-rags story of India’s wealthiest man back then!