Vijaypat Singhania's Rs 1041 cr gift to son Gautam triggers war over assets

Discussion in 'Must-Read Interviews, Articles & News Items' started by Vidhi Khanna, Mar 31, 2015.

  1. Vidhi Khanna

    Vidhi Khanna Active Member Staff Member

    Mar 19, 2015
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    A gift of a 37 per cent stake worth Rs 1,041 crore in textile and garment retailer Raymond by Vijaypat Singhania to his youngest son, Gautam, this February prompted his Singapore-based grandchildren to move the Bombay high court for a division of his assets.

    On February 9, Vijaypat, 76, told the company he intended to transfer 24,290 shares in JK Investors (Bombay) Ltd and 9,996 shares of Smart Investments Private Ltd, which collectively hold a 37.17 per cent stake in Raymond. The shares were to be gifted to his son Gautam, 48, for continuity of management and to align ownership interest, said a communication by Raymond to the stock exchanges. The Singhanias own 40 per cent of Raymond.