One of the richest men in India now leads a hand-to-mouth existence, courtesy his son
Vijaypat Singhania, the man who created “The Complete Man” clothing line Raymond’s and who was once one of the richest men in India, is going through financial problems. In his own words, he is leading a “hand-to-mouth” existence. And it is none other than his own son Gautam Singhania who is responsible for his plight.
The 78-year-old tycoon handed over all of his 1,000 crore INR worth shares in Raymonds to his son Gautam and chose to retire. Recently he filed a petition in the Bombay High Court for the possession of a duplex in JK House in Malabar Hills.
Mr Singhania now lives in a rented house and his son is withdrawing all the perks given to him, including car and the driver also.
The legal battle is under the ownership of the duplex in JK House. Mr Singhania says that despite an agreement the flat was never given to him and his son is mismanaging the company.