Raymond Group Chairman and Managing Director Gautam Singhania, is reportedly planning to step down as chairman from all group companies. He stated that he would dissociate himself from all the day-to-day functioning, in order to build an organisation which can run competitively and independently without the help of a promoter.
In November 2018, Singhania stepped down as the chairman of Raymond's branded apparel arm with a view to run the company more professionally. He will be exiting the group’s two engineering entities – JK Files and Ring Plus Aqua – for which he was looking for a professional chairman, as per the ET reports. He may also move out from the top post of the flagship entity, Raymond Ltd, the report said.
Singhania, who has been in a family dispute with his father, Vijaypat Singhania had said in an interview that he was willing to discuss issues with him. Singhania and his father, Vijaypat, chairman emeritus of the Raymond Group, have been engaged in a legal battle over a duplex apartment in the 36-storey redeveloped JK House in south Mumbai.
In 2016, a petition was filed in the Bombay HC, where Vijaypat Singhania had claimed that his son was refusing to honour an arbitration order which awarded the duplex apartment to the former.
Singhania had filed a plea in the Bombay High Court seeking an injunction on his father Vijaypat Singhania's proposed autobiography, The Incomplete Man, claiming that they could cause damage to his reputation. However, the court rejected the plea.
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