One of the country's richest men, who spent more than two decades dressing up the Indian male, is now broke. In his own admission to Mumbai Mirror, he said that he is living a "hand-to-mouth" existence. Moreover, he blames only one person for this - his son Gautam Singhania.
Vijaypat Singhania had handed over all the business to his son Gautam, who currently holds the position of chairman and managing director of the Raymond Group.
Vijaypat is presently residing in a rented row house in south Mumbai's upscale Grand Paradi society. Recently, he had filed a petition in the Bombay High Court seeking possession of a duplex in the redeveloped 36-storey JK House on Malabar Hill. On Wednesday, his lawyer told the court that the retired tycoon was struggling financially.
Senior advocate Dinyar Madon, who is representing Vijaypat, told the court that while the 78-year-old gave away all his wealth to his son, the son is now driving "him out of everything."
Madon said Singhania gave up all his shares in the company worth around Rs 1,000 crore in his son's favour, but now he has been left to fend for himself by Gautam. "They are trying to squeeze him (Dr Singhania) now. All his perks - like a car and a driver -- have been taken away," Madon said.
Justice Girish Kulkarni, after hearing both the parties, asked them to try and settle the case among themselves. "This kind of litigation should not have come to the court at all. It should have been settled," the court observed. Counsels on both the sides agreed to initiate talks.
The court, however, also passed an injunction order with respect to the duplex claimed by Singhnia and asked Raymond to file its reply by August 18, while scheduling the next hearing for August 22.
Few interesting things to know about Vijaypat Singhania:
- Vijaypat Singhania, who build India's one of the largest apparel brands— Raymond is now living in a rented house in south Mumbai's upscale Grand Paradi society.
- Vijaypat was Mumbai's Sheriff, from December 19, 2005, to December 18, 2006.
- A keen aviator, Vijaypat holds the world record for highest altitude gained travelling in a hot air balloon, notably carried out at the age of 67.
- Vijaypat also holds a world record for his solo microlight flight from the UK to India in 1998. He has a flight experience of over 5,000 hours. In 1994, he had won a gold medal in Fédération Aéronautique Internationale air race covering a distance of 34,000 km spanning 24 days. To mark this occasion, he was conferred the rank of Hon. Air Commodore of the Indian Air Force.
- Vijaypat is a Padma Bhushan recipient, the third highest civilian award by the government.
- Vijaypat also wrote a book 'An Angel in the Cockpit', an account of his journey from the UK to India on a microlight aircraft in 1988.
- In March 2007, he was nominated to be the chairman of the Governing Council, IIM-Ahmedabad succeeding NR Narayana Murthy
