Vijaypat Singhania, the father of Raymond boss Gautam Singhania, on Thursday opened up on the fresh crisis in the Singhania family after his son separated from his wife Nawaz Modi. Vijaypat, who transformed Raymond from a small fabric company into a world-renowned brand and then handed over the reins to Gautam in 2015, said he made a 'stupid' mistake of giving everything to his son and that parents should "think very carefully before they give away everything to their children".
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In 2017, Vijaypat accused his son of driving him out of his family property JK House building in south Mumbai. Earlier this month, Nawaz Modi said Gautam Singhania did not allow her in the house during Diwali celebrations, a video of which had gone viral on social media.
In an exclusive interview with Sourav Majumdar, Editor, Business Today, Vijaypat said Gautam had agreed to give some parts of the company, but he backed out. "I have no business. He had agreed to give me some parts of the company, but of course, he backed out. So I have nothing else. I gave him everything. By mistake, I was left with some money on which I'm surviving today. Otherwise, I would have been on the road."
The former textile magnate said Gautam would be happy to see him on the road. "I'm sure of that. if he can throw his wife out like this, threw his father out like this. I don't know what he is."
Gautam Singhania, current Chairman and MD of Raymond, announced his separation from his wife Nawaz Modi on November 13. After separation, Nawaz Modi has reportedly sought 75 per cent of Gautam Singhania's Rs 11,000 crore wealth.
Speaking on this demand, Vijaypat said under the Hindu Marriage Act, 50 per cent of the husband's holding automatically goes to the wife in a case of separation. "She may not need to fight for it. A very simple lawyer can get her that under the Hindu Marriage Act," he said.
The former industrialist said Gautam Singhania would never agree to give her 75 per cent of his wealth. "Why is she fighting for 75%? Gautam is never going to give in, because his motto is - buy everybody and buy everything. That's what he did with me. I didn't have that kind of money left to fight him. He bought everything. He'll buy everything. 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."
Vijaypat said if Nawaz can hire a good lawyer then there is a good chance that she can get at least what is covered under the Hindu Marriage Act. He, however, said that since Nawaz is a Parsi, it would have to be checked whether she is covered by the Hindu Marriage Act.
Gautam Singhania has refused to comment on recent developments including the assault charges by Nawaz Modi. "In the interest of my two beautiful daughters, I would like to maintain my family’s dignity and I will refrain from offering any comment. Please respect my privacy," he said.
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