Being a experienced business person, he spread wide his business in Mumbai and earned a lot of money. Shri Rupji Dhanji had three sons. Among them, his eldest son Shri Manordas continued his father’s business and was considered as the Nagar Sheth of Mumbai. Shri Manordas’ son Shri Ranchoddas and later his son – Shri Madhavdas also maintained their ancestral names as trade merchants and money lenders. Shri Madhavdas had five sons, named Mohandas, Mooljibhai, Gopaldas, Narottamdas and Varjivandas. When Shri Madhavdas died in 1837, Mumbai Governor – Mr. Robert Grant called the five sons of Shri Madhavdas to the Governor’s House and consoled them with shawls and turbans. After the death of their father, all the brothers divided the ancestral property. However, the two brothers – Shri Narottamdas and Shri Varjivandas, developed their business together and they founded Madhavbag Complex in 1874 having purchased a large plot of land near the C. P. Tank locality. They established Madhavbag Complex at a cost of Rupaih 1,50,000/= (the currency prevailing at that time) and named the premises after their father Shri Madhavdas Ranchoddas as Madhavbag Temple Complex.

The Temple of Shri Lakshminarayan, which is located within the Madhavbag Complex at present, was built and inaugurated on Vikram Samvat 1931 i.e. Vaishakh Sud Baras of AD 1875. The temple was built under the supervision of the then very famous Architect – Shri Bhima Ramji and Porbandar Stone was used in its construction.

For meeting the maintenance expenses of the Shri Laxminarayan Temple, a plot of land out of their Personal Property on the hill of Walkeshwar was specially allocated from which at that time the annual rent earned from the plot of land let out was about Rupaih 1200/=. Shri Varjivandas thereafter also bought a land in front of Madhavbag for Rupaih 30,000/= in memory of his late brother Shri Mooljibhai Madhavdas and built a Dharamshala at a cost of Rupaih 80,000.

Shri Varjivandas was one of the very prominent and wealthy citizens of Mumbai and was also a philanthropic and a very religious person. He was a very popular person amongst all the Hindu & Muslim Communities. When one of his business partners Mr. Sorabji Bengali passed away, Shri Varjivandas expressed his feelings for him by donating Rupaih 2,500/= for Sorabji’s memorial and Rupaih 1,000/= to Bai Bhikhibai Bengali School (presently operational at Marine Lines) as donation. At one time Indian journalist poet Mr. Behram Malabari, who is very popular in India as well as other countries in Europe and America, gave a presentation to the British Viceroy in the year 1886 that the age of the Brides getting married should not be less than 14 or 16 years of age. When the rumours spread in Mumbai that the Bill was about to be passed by the Viceroy Council, Ravsaheb Narayan Mandalik took a leading part in opposing it, in which Shri Varjivandas requested a urgent meeting of 150 Hindu Sanatan leaders to be held at Madhavbag in order to support the opposition. Due to this massive opposition, Viceroy Lord Ripon was prevented from passing the bill at that time, but Mr. Malabari later continued to persue the matter with the British Government and eventually got them to pass the bill. On August 15, 1893, when Hindu Muslim riots broke out in Mumbai and the army was deployed in the city – Municipal Commissioner – Mr. H. A. Ackworth had organized a meeting of the leaders of all the communities in the hall of the Municipal Corporation in which the Municipal Commissioner specially requested Shri Varjivandas, to assist the British Government in establishing peace. For this work Shri Varjivandas immediately called for a meeting of Hindu and Muslim leaders at his residence on 31st August wherein they all decided to hold a Public Meeting of the citizens of Mumbai at the Town Hall on 6th September under the Chairmanship of the Governor Lord Herries. In this meeting all the citizens were requested to maintain the reputation of a peaceful city and after that the matter settled down peacefully.

When such an honorable person such as Shri Varjivandas passed away in AD 1896 at the age of 79 years, a public funeral was held in his honor at the Petite Hall of the residence of Sir Dinsha Manekji Petite. Shri Varjivandas and Shri Narottamdas even though not alive as of today but the Madhavbag Temple Complex with Shree Laxmi Narayan Temple founded by them still stands tall waving their flag of glory and majesty.