HC seeks Vijaypat Singhania’s reply in family property dispute

Singhania’s Singapore-based grandchildren have challenged a 1998 settlement agreement between him and his estranged son Madhupati Singhania.

The value of Raymond Ltd is close to Rs 2,813 crore based on its market cap at Monday’s closing prices.

[related-post]

According to that agreement, Madhupati and his family relinquished their share of ancestral property.

The grandchildren have now alleged the agreement ignored their rights as minors.

The four grandchildren — Raivathari, Tarini, Rasaalika and Ananya — have filed separate partition suits seeking rights to Raymond brand, ancestral properties, real estate and other movable and immovable assets.

Apart from Vijaypat Singhania, their parents Madhupati and Anuradha Singhania and Raymond Ltd have been named as defendants. Vijaypat’s grandchildren have also asked that the court direct the parties concerned not to deal with the properties and wealth mentioned in the 1998 agreement till it decides on the case.

Interestingly, on February 9, Vijaypat Singhania transferred 37.17% stake in Raymond Ltd to his younger son Gautam Singhania as a gift through 24,290 equity shares of JK Investor (Bombay) Ltd and 9996 equity shares of Smart Investment Pvt Ltd, two promoter group companies.

“This would help in maintaining the continuity of management and align ownership interest,”said Raymond Ltd in a disclosure to the BSE Ltd.

Justice G S Patel will now hear the case on April 20.

khushboo.narayan@expressindia.com