Last month, Gautam Singhania resigned as chairman from all group companies to help build an organisation, which can function effectively without the participation of the promoter
New Delhi: Gautam Singhania, promoter and chairman of Raymond Ltd, shed some light on the intricacies of running the family business and the obstacles he overcame in taking Raymond to the next level. Addressing students IIT Bombay recently, the tycoon also revealed how he managed to put his professional life ahead of his personal one.
“Raymond, like many family run businesses, had adopted the family first approach. However, since 2015, we have changed our approach to business first,” according to the Economic Times which quoted the businessman as saying.
Singhania has spilled the beans on his tiff with his father Vijaypat Singhania, saying the prickly issue was a duplex flat in the 36-storey redeveloped JK House in south Mumbai, which could not be handed over to patriarch Vijaypat Singhania as shareholders had rejected a resolution. “Despite being the largest shareholder, I abstained from voting though I would have also voted against the resolution. I have suffered on the family front for doing what is right for the business,” he mentioned.
The financial daily quoted him as saying it is good for the family to ensure that the management delivers and raises the value of the family’s holdings.
Last month, Gautam Singhania resigned as chairman from all group companies to help build an organisation, which can function effectively without the participation of the promoter. Amid the ongoing spat with his father, Gautam Singhania had mentioned that his father has “hundreds of crores with him”, adding that he would be obliged to anyone for life who can convince his father to stay with him. In October 2018, Vijaypat Singhania was removed as the chairman-emeritus of the Raymond Group.