Gautam Singhania denies father's allegations, says business must be kept at a distance from family politics

New Delhi: Responding to the allegations made against him by his father Vijaypat Singhania, Chairman & Managing Director of the Raymond Group , Gautam Singhania, said that he is the only legal heir to Raymond.

Gautam is contesting a legal battle with his father presently.

According to a report by the Economic Times, Gautam was quoted saying that elder Singhania had no other option but him since he was the only legal heir to the group.

He dismissed the allegations of his father saying that not only was he the only son of his father but also ran the business successfully for over 35 years.

The 52 year old business tycoon told the Economic Times that the pasisng over of 37.17% stake in the company worth over Rs 1,000 crore to him was part of the family understanding.

Talking to the Mint, Singhania said that business should be kept separate from family politics.

Earlier in an interview to the ET Now, Gautam Singhania had said that unbending people or people who are not going to change are going to fall by the wayside, apparently hinting at his father's accusations.

“Even a coconut tree swings to change. If you are rigid like a tree, you fall and break,” the Raymond current boss had told ET in a curt reference.

Vijaypat Singhania has already moved the Bombay High Court alleging that his son is refusing to fully honour an arbitration award over a property dispute among the family members.

However, the Bombay HC has suggested that Vijaypat Singhania and his son should try and resolve their property dispute amicably.

Raymond Ltd has not yet given him possession of a duplex in the multi-storey JK House building in south Mumbai as per the award, Vijaypat Singhania's petition said.

As per a 2007 family agreement, Vijaypat Singhania, his son Gautam, and the widow and two sons of Vijaypat's brother Ajaypat Singhania were to get a duplex each in JK House, a family property.

The court, while adjourning the hearing to August 22, said Raymond shall not create any third party rights (sell or lease out) in the two floors of JK House which are subject matter of dispute until further orders.