New Delhi. Raymond Chairman and Managing Director Gautam Singhania has decided to end his 32-year-long marriage with his wife Nawaz Modi Singhania. This news comes after Gautam Singhania shared the news of their separation on social media, marking a significant change in their long-standing relationship. Reports suggest that Nawaz Modi Singhania has sought adequate financial settlement in the divorce, claiming 75% of Gautam Singhania’s net worth for himself and his two daughters, Niharika and Nisha. With Gautam’s net worth estimated at $1.1 billion (roughly Rs. 11,000 crores), the divorce settlement is poised to be one of the most significant in recent times, reports the Economic Times.
Gautam Singhania ready to compromise: Family Trust’s lawyer
Despite impending financial negotiations, Gautam Singhania seems ready to compromise. He suggests creating a family trust, where the property and assets of the entire family will be transferred. Gautam himself will be the sole trustee, ensuring that after his demise, family members will inherit the property as part of the trust, which will act as a kind of family legacy.
However, it is reported that Nawaz Modi Singhania is not keen on the proposal, indicating a possible point of contention in the divorce proceedings. Legal representatives of both sides have been actively involved in the negotiations. Gautam Singhania has engaged the services of Hargrave Khaitan, senior partner of Khaitan & Co, a leading law firm in Mumbai. On the other hand, Nawaz Modi Singhania has appointed Rashmi Kant as his legal advisor.
Efforts are on for a resolution, with Amar Chand Mangaldas & Co senior partners Hargrave Khaitan and Akshay Chudasama mediating between the estranged couple. Both legal experts are known to have close ties with both the parties and are working towards finding a middle ground in the ongoing dispute. Unnamed officials close to the matter have provided information about the ongoing talks. “At the initial level, not much has changed,” said an official on condition of anonymity. “Such family matters are often complex, especially when children are involved.” The source also highlighted that discussions are ongoing, with both parties expressing concerns related to their children.