Gautam Singhania's, MD of Raymond divorced wife asked 3/4th of his $1.4 billion net worth
Although Gautam Singhania suggested establishing a family trust with him as the only managing trustee, he has hesitantly agreed to the request.
In a family settlement after their split, billionaire industrialist Gautam Singhania's divorced wife Nawaz Modi Singhania reportedly asked 75% of his $1.4 billion net worth for herself and their two daughters.
According to an Economic Times report, Singhania has suggested setting up a family trust in which he would serve as the only managing trustee. Nawaz finds this arrangement intolerable, despite his tentative agreement.
It is said that he has a net worth exceeding Rs. 11000 crore.
He posted on social media platform X (formerly Twitter) saying, "We traversed with commitment, resolve, and faith as along came the two most beautiful additions of our lives."
The announcement was made shortly after a video appeared on the internet that allegedly showed Nawaz being turned away from a party at Thane hosted by Singhania, even though he had received an invitation to the pre-Diwali celebration.
The chairman and managing director of Raymond, Singhania, declared last Monday that he and Nawaz were no longer together, amidst rumors regarding the 32-year relationship future.
The ET report claims that Nawaz has brought in Mumbai-based law firm Rashmi Kant, while Haigreve Khaitan, senior partner at Khaitan & Co, has been appointed as a legal advisor for Singhania. It is said that Akshay Chudasama of Shardul Amarchand Mangaldas & Co. is making an effort to mediate in hopes of achieving a settlement that would be acceptable to both parties.
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He said, "I think Nawaz and I will go down different paths from now on," but both parents are dedicated to doing what's best for their two kids.
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