Last Updated: November 23, 2023, 21:49 IST
Vijaypat Singhania additionally claimed that Gautam ‘backed out’ after promising to give him some components of the corporate. File pic/X
While the Raymond Group founder refused to remark on the current developments within the household, together with the allegations of assault by Nawaz Modi in opposition to Gautam Singhania, he famous how she might simply get what comes below the Hindu Marriage Act
Raymond Group founder Vijaypat Singhania on Thursday expressed deep disappointment witnessing his son Gautam Singhania “breaking up” the corporate and lamented making the “stupid” mistake of giving “everything” to him. His assertion comes at a time when Gautam has separated from spouse Nawaz Modi, who has demanded 75% of his fortune.
The 85-yr-outdated Vijaypat additionally claimed in an unique interview with Business Today that Gautam “backed out” after promising to give him some components of the corporate.
“Raymond has a very large number of mature, logical shareholders. They can think for themselves. If they see something bad, they react quickly,” he mentioned, referring to the Rs 1,500-crore erosion of market capitalisation of Raymond Ltd inventory.
Parents ought to assume very fastidiously before they offer away every part to their youngsters, mentioned Vijaypat Singhania, who handed over the reins of Raymond Group to Gautam in 2015.
“He (Gautam) had agreed to give me some parts of the company, but of course, he backed out. So, I have nothing. I gave him everything. By mistake, I was left with some money which I am surviving on today. Otherwise, I would have been on the road,” he added.
Vijaypat Singhania additionally spoke in regards to the separation of Gautam and his estranged spouse, Nawaz Modi. “It’s difficult to describe what one goes through when you see your own family going through this kind of stress. I can only pray to God. He helps to solve these issues,” he mentioned.
The ex-textile tycoon additionally described his son as a really boastful particular person, suggesting that this was the foundation reason for the current battle.
While he refused to remark on the current developments within the household, together with the allegations of assault by Nawaz Modi in opposition to Gautam, the retired industrialist famous how she might simply get what comes below the Hindu Marriage Act (50% of husband’s property in case of separation).
“Why is she fighting for 75%? Gautam is never going to give in, because his motto is ‘buy everybody and buy everything’. That is what he did with me. By fighting like this, I don’t think she’ll get much. Unless she has, maybe, a person like Harish Salve, Mukul Rohatgi, Kapil Sibal,” he mentioned.
However, as Nawaz is a Parsi, she should verify if she is roofed below the Hindu Marriage Act, he added.
