Raymond ex-tycoon Vijaypath Singhania is bankrupt. Here's why

Vijaypath Singhania and son Gautam Singhania

In a shocking statement, one of the richest men in Mumbai, Vijaypat Singhania, father of Raymond MD Gautam Singhania, has claimed that he is living a 'hand-to-mouth' existence and that is because of his son.

Singhania's lawyer alleged that simple perks such as a car and a driver and rent to an alternate accommodation have also been withheld.

In a report by Mumbai Mirror, senior advocate Dinyar Madon, who is representing Vijaypat told the court that while the 78-year-old gave away all his wealth to his son, the son is now driving 'him out of everything'. According to Madon, the senior Singhania gave up all his shares in the company worth around Rs 1000 crore in Gautam's favour, but now he has been left to fend for himself by Gautam. All his perks - like a car and a driver -- have been taken away.

Vijaypath Singhania is currently residing in a rented row house in south Mumbai's upscale Grand Paradi society.

Also Read: Mumbai: Singhania family groups settle property dispute after 9 years

Recently, Vijaypat Singhania had filed a petition in the Bombay High Court for seeking a position in the 36-storey JK House at Malabar Hill in Mumbai. The house was originally founded by Singhania in 1960. Then it went for redevelopment which was then turned into a 14-storey structure. When the house went for redevelopment, the deal was that Singhania, Gautam, Singhania's sister-in-law and sons Anant and Akshaypat were to get 5,185 sq ft duplex each. The sister-in-law Veenadevi, who is Singhania's brother's widow and Anant have filed a joint petition and Akshaypat has filed an independent petition in the Bombay High Court to claim the apartment.

The report in Mumbai tabloid also states that the lawyer Madon asked for an injunction against the company from creating any rights in the duplex on the 27th and 28th floor of the redeveloped JK House. He also sought Rs 7 lakh per month from the company, saying that senior Singhania was entitled to an alternate accommodation at the company's cost.

Madon has sought Rs 7 lakh per month from the company as Singhania senior was promised an alternative accommodation. He also stated that Singhania's son Gautam had occupied all the four duplexes.

The Bombay High Court have now asked senior Singhania and his son Gautam Singhania to come up with an amicable solution over the JK House. and that such cases should be settled out of court.

The next hearing is scheduled for August 22.