Vijaypat Singhania has been stripped of his position as chairman emeritus on the board of directors at Raymond.
Singhania believes that this is due to manoeuvring by his son Gautam Singhania as part of an ongoing feud between the two.
Vijaypat Singhania received a letter from a Raymond director asking him to cease using the title of chairman-emeritus of the family-run Raymond Group. This followed a series of letters that Singhania wrote to the company secretary and then to the board of directors claiming that he was not being sufficiently updated about board meetings.
After receiving directions to cease using the title chairman-emeritus, Vijaypat Singhania stated that he would not comply unless he was shown proof that he was fired from the board. In response, Raymond’s director secretarial and company secretary Thomas Fernandes replied that the company had indeed made the decision and it was based on the derogatory language used toward the board in Singhania’s letters.
Gautam Singhania says so far as the company’s functioning is concerned, he has nothing to do with his father’s not being the chairman emeritus anymore. He says it is a board decision.
Raymond is one of India’s premium fabric manufacturers. With over 90 years of craftsmanship, Raymond embodies the spirit of Made In India and Swadeshi.