August16, 2017 (C) Ravinder Singh firstname.lastname@example.org
Viral Video of Dr. Vijaypat Singhania going bankrupt and his Tycoon son not caring for him is largely not true. This story is additional to LiveMint coverage going back in history of family.
As per LiveMint article – Kamlapati founded present day Raymond Group at Kanpur in 1921 which then branched out to many sectors and locations – Mumbai & Kolkata.
Born on 7th November 1884, Lala Kamlapatji, the worthy son of Lala Juggilal Singhania, had the determination to lobby for more rights of his fellow countrymen and a vision to make Indian business self reliant. With this inspiration he set up the first cotton mill in northern India JK Cotton Spinning Mill in 1921, exclusively using Indian capital, management and labour. After this, many other enterprises were started. JK Jute Mills Co Ltd, JK Iron & Steel Co Ltd, JK Oil Mills, JK Cotton Manufacturers, JK Hosiery Factory (Calcutta), Motilal Padampat Sugar Mills, Kamla Ice Factory…. an empire was being created. — Website claims to have125 years history.
Five generations later Mr. Abhishek Singhania Managing Director of JKT continues the proud business and ethical culture set forth by those before him. Today the JK Organization makes up one of India’s largest conglomerates with an annual turnover exceeding US $ 4 Billion. The group is an association of over 40 companies, employing nearly 50,000 people worldwide inmanufacturing, insurance, chemicals, healthcare, education, retail, software and IT services. The JK Organization has a pioneering history that has been at the leading edge of technology and change for many years.
The JK Organisation has a diverse range of business interest in many industry sectors from cement; automobile tyres & tubes; engineering; plastic processing; agrochemicals; cosmetics; audio & video; power transmission; electronics; petrochemicals; steel; pharmaceuticals; food & dairy products; power generation; synthetic fibre; paper; cotton; woollen and jute textiles, computer software and IT services and is at the leading edge and a household name in many countries.
Three decades ago Juggilal Kamlapat Cotton Spg & Wvg Mills Co Ltd of Kanpur collected Fixed Deposits from public and SWINDLED all the deposits didn’t pay even first quarterly interest.
Buying and selling family companies is routine – and each step of buying and selling brings conflicts and feuds in promoters.
As per latest AR – Vijaypat Singhania holds 0.13% and his son Gautam 0.01% share in Raymond.
Vijaypat himself edged out elder brother Ajaypat Singhania from company and years later made his younger son Gautam Managing Director of Raymond. Elder son Madhupati migrated to Singapore – his children want share in ancestral property of Family denied to them than forced deficient settlement earlier.
LiveMint reported dispute over sale of J&K House worth Rs.650 Cr and Shareholders of Raymond didn’t approve its sale. J&K House itself may have gone to Raymond group as part of some other family settlement and feud.
Only some Movie may unravel mysteries of family feuds Juggilal Singhania next generations. Frauds with non Singhanias should also be part of story.
Ravinder Singh, Inventor & Consultant, INNOVATIVE TECHNOLOGIES AND PROJECTS
Y-77, Hauz Khas, ND -110016, India. Ph: 091- 9871056471, 9718280435, 9650421857
Views are of_: Ravinder Singh, Inventor & Consultant, INNOVATIVE TECHNOLOGIES AND PROJECTS not of Sagar media Inc