Gautam Singhania’s Father Denies Reconciliation With Billionaire Son
Vijaypat Singhania posted a video on social media platforms claiming that is was totally false and alleged ulterior motives from his son.
Vijaypat Singhania, the father of the billionaire and former Raymond Ltd.'s chairman, Gautam Singhania, has denied any reunion with his son.
Singhania senior posted a video on social media platforms claiming that multiple media reports of reconciliation were false and also alleged ulterior motives from his son.
"On Wednesday, while I was on my way to the airport I received a call from Gautam Singhania's assistance repeatedly trying to persuade me to come to GK House," Vijaypat Singhania said in the video. "When I refused Gautam Singhania came online himself and said he'll take only five minutes of my time over a cup of coffee."
"I went most reluctantly not realising that it was for an ulterior motive of talking my photograph, with GHS (Gautam Singhania) to send the wrong message to the media," the 85-year-old, said in the video. "I don't know what his motive was, but it was certainly not for coffee and not to resolve our differences."
The Troubled Industrialist
Vijaypat Singhania handed over the reins of the Raymond Group to his son Gautam and stepped down as the chairman in 2015. Following this, the dispute between the father-son grew. In 2018, he was also removed as Raymond's chairman emeritus.
On Dec. 7, Gautam Singhania stepped down as chairman of Raymond's wholly owned subsidiary, Raymond Apparel, but continues to be on the board of the company.
The billionaire also announced his separation from his wife Nawaz, saying the two have decided to pursue different paths.
Further troubles arose when a proxy advisory firm Institutional Investor Advisory Services in an open letter to five independent directors asked the IDs to investigate the allegations of assault by Singhania on both his wife and daughter and use of company funds for personal benefit.
