Vijaypat Singhania, the founder of the Raymond Group, expressed regret over what he called a ‘stupid’ decision to give ‘everything’ to his son Gautam Singhania, who currently serves as the Chairman. This statement comes amid family turmoil, marked by Gautam’s separation from his wife, Nawaz Modi, who is now seeking a substantial share of his fortune. Vijaypat Singhania also alleged that Gautam failed to honor promises of allocating certain parts of the company to him.
Singhania Accuses Son Gautam of Reneging on Promises Regarding Company Shares
Vijaypat Singhania, the retired industrialist and founder of the Raymond Group, accused his son Gautam Singhania, the current Chairman, of backing out on promises to allocate certain parts of the company to him. Singhania expressed remorse for the decision to hand over ‘everything’ to Gautam, highlighting the family’s challenging times as Gautam undergoes a separation from his wife, Nawaz Modi, who is pursuing a substantial share of his wealth.
Cautionary Advice for Parents: Singhania Urges Prudent Wealth Allocation
Vijaypat Singhania offered a cautionary note to parents, urging careful consideration before bequeathing their wealth to their children. The founder of the Raymond Group shared his own experience, emphasizing the need for thoughtful decision-making in the allocation of assets to prevent potential conflicts and regrets. The Singhania family is currently navigating through a period of upheaval, both personally and in terms of business dynamics.
Source: Business Today
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