December 1, 2023 06:50:34

Estranged Wife of Raymond’s Tycoon Gautam Singhania Sells 75% of His Fortune, says report!

Gautam Singhania, the billionaire industrialist and chairman of Raymond, is facing a demand from his estranged wife, Nawaz Modi Singhania, for 75% of his $1.4 billion net worth in a family settlement following their separation. While Singhania has tentatively agreed to the demand, he has proposed the creation of a family trust, with himself as the sole managing trustee—a condition that Nawaz reportedly finds unacceptable. Singhania’s net worth is reported to be over ₹11,000 crore.

The announcement of their separation came last Monday, with Singhania expressing commitment to the well-being of their two daughters. However, the proposed family settlement appears to be encountering challenges, as Nawaz reportedly objects to Singhania being the sole managing trustee of the suggested family trust.

In the midst of the separation announcement, a video surfaced online showing Nawaz allegedly being denied entry to a party hosted by Singhania in Thane, despite having an invitation to the pre-Diwali bash.

Singhania cited “unfortunate developments in the recent past” in his separation announcement, addressing the “unsubstantiated rumor mongering and gossip” fueled by “not so well-wishers.” He emphasized a commitment to the best interests of their children as both parents navigate separate paths.

Legal advisors have reportedly been engaged in the matter, with Haigreve Khaitan from Khaitan & Co advising Singhania and Mumbai-based law firm Rashmi Kant representing Nawaz. Akshay Chudasama of Shardul Amarchand Mangaldas & Co. is said to be attempting mediation for a potential reconciliation or mutually agreeable terms.

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