Mr. Vijaypat Singhania, was once worth more than Rs.1,000 crores.
Under his leadership, Raymonds grew to become the leading textile brand.
He was called Textile King and Sheriff of Mumbai. He was also an avid aviator
But this Padma Bhushan awardee was thrown out of his own office.
For feud over possession of one apartment.
He gifted all 37% of his holdings in Raymonds to Gautam Singhania out of emotions and expecting a good post retirement life.
The feud started after the renovation of the 2007 JK House. He claims he was supposed to be given one apartment for Rs.9,000/- per sq. ft while the prices shot up to Rs.1,00,000/- after the completion.
This presumably was against the company’s policy and led to Gautam Singhania revolting and eventually getting Vijaypat exited.
Today amidst legal battles, Vijaypat lives a hand-to-mouth life in a rented house.
He has famously said handing over the company was the “height of stupidity”
This famous story tells you why planning for retirment should be our first priority.
Did you start your retirement planning? Need help? Ask us.