In a shocking development, Vijaypat Singhania, the chairman-emeritus of the Raymond Group, has been sacked. Singhania, 80, has been sacked by the Board of Raymond Group, whose chairman and managing director is his son Gautam Singhania.
The father-son duo is entangled in a bitter legal battle for the last few years. According to a newspaper report, on September 7, Thomas Fernandes, the director, secretarial and company secretary, Raymond, has conveyed the decision to withdraw the title of the chairman-emeritus and the vacation of office as director.
For the man who took Raymond Group to where it is today to flying microlight aircraft to touching new heights in a hot-air balloon, Vijaypat Singhania was a man to reckon with. He rubbed shoulders with the high and mighty - but what is shocking is that he has been removed as the chairman-emeritus of the Raymond Group by his own son.
The 80-year-old and his high-flying son Gautam, the Chairman and Managing Director, had been engaged in a bitter family feud over the last few years.
'The Complete Man'
With a tagline of 'The Complete Man', Raymond is one of the most valued brands of the country. Whether it is the common man or a business tycoon or a jet-setting corporate head honcho or a 'maharajah', Raymond finds a space in their wardrobes.
Singhania senior, who steered the company for several decades, has many honours to his credit. In 1988, he flew a microlight aircraft from India to the United Kingdom - a distance of 34,000 km that he covered in 24 days.
He won the gold medal in the Federation Aeronautique Internationale air race in 1998. Later, he was conferred with the rank of Honorary Air Commodore of the Indian Air Force. At the age of 67, in 2001, he created a new world record for highest altitude gained in a hot air balloon.
In 2005, he earned a Gold medal of the Royal Aero Club and the next year, he was conferred the coveted Padma Bhushan award by the Government of India. He has also written a book - 'An Angel In A Cockpit' - on his microlite journey.