The fortunes of a man who was once a tycoon take a turn and he is reduced to a hand-to-mouth existence – sounds exactly like stuff right out of Bollywood movies and TV soaps. One does not come across such things in real life often.
One of India’s richest men, the founder of a Raymond brand Indians have long associated with fine clothing, has now been reduced to a life of financial struggle with his own son. It feels like a movie melodrama becoming a reality.
What is all the Drama?
Dr. Vijaypat Singhania, has filed a petition in the Bombay High Court alleging that he was not given the possession of a duplex in the upscale 36-storey JK House on Malabar Hill. As per the report in Mumbai Mirror, he was not given the possession despite repeated reminders to the owner of JK House -Raymond Ltd.
Mr. 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 look after himself with no help from anyone. His lawyer has claimed that the tycoon of yesterday can’t even afford a car or a driver today. He is now living in a rented row house in Mumbai.
The centre of Dispute – JK House
JK House was a 14-storey structure when it was unveiled in the year 1960. Four duplexes were later handed over to a Raymond subsidiary Parthian Holdings. In the year 2007, the company decided to go in for redevelopment. And as per the 2007 family agreement, Mr Singhania, his son Gautam, and the widow and two sons of Vijaypat Singhania’s brother Ajaypat Singhania, were to get a duplex each in the JK House.
Mr. Singhania’s advocates have also told the court that while Dr. Singhania gave away all his wealth to his son, the son is now driving “him out of everything.”
He has also claimed that two Raymond employees who handled his property and bank documents and personal files, had gone missing at Gautam’s behest, leaving him with no access to documents and there are no whereabouts about the documents too. He has alleged that it was done at his son’s behest to harass and pressurise him. Well! That is one hell of a family drama here.
Present Conditions
With all this drama going on, Dr Singhania had to move out of his house in Juhu due to a separate family litigation. He has now rented a row house on Nepean Sea Road for Rs 7 lakh a month. Now he wishes Raymond to reimburse the rent.
Whilst all these claims made by Mr. Singhania are shocking, what stands out the most is that the reel and real life are not as far apart as they seem. What’s more saddening is that a man who dressed Indian males to become ‘The Complete Man’ for over two decades, has been reduced to such a disappointing state.
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