Nawaz Modi and Gautam Singhania. (Photo: Instagram/ Gautam Singhania)
Nawaz Modi Singhania desires 75% of Gautam Singhania’s web value in the direction of settlement following their separation.
The estranged spouse of Raymond Chairman and Managing Director Gautam Singhania, Nawaz Modi Singhania, is reportedly in search of 75% of the billionaire industrialist’s $1.4 billion (approx. Rs 11670 crore) web value for herself and their two daughters, Niharika and Nisa. This comes after Gautam Singhania introduced his separation from his spouse, stating that they’ll observe totally different paths sooner or later.
According to a report by Economic Times, Gautam Singhania is alleged to have agreed to most of Nawaz Modi Singhania’s calls for. He has, nevertheless, proposed establishing a household belief, transferring the household’s wealth and belongings, and serving as the one governing trustee of the belief.
Meanwhile, Nawaz Modi Singhania finds it unacceptable as Gautam Singhania desires his different members of the family to inherit the properties, the ET report added, quoting individuals aware of the matter.
Gautam Singhania and Nawaz Modi Singhania have appointed Haigreve Khaitan, a senior associate at Khaitan & Co., and Rashmi Kant, a Mumbai-based legislation agency, as their authorized advisors, respectively.
Furthermore, Shardul Amarchand Mangaldas & Co Managing Partner Akshay Chudasama has reportedly been making an attempt to mediate between the couple in hopes of a possible reconciliation or a mutually agreeable final result, the report talked about.
The report additionally added that Gautam Singhania and Nawaz Modi Singhania are each working arduous to make sure their daughters’ futures.
On November 13, Gautam Singhania formally introduced his divorce from his spouse after 32 years of marriage on X (previously often known as Twitter). However, his publish didn’t go into element concerning the causes for the separation.
Gautam Singhania introduced his break up on X, saying, “This Diwali is not going to be the same as many in the past. 32 years of being together as a couple, growing as parents and always being a source of strength to each other… we traversed with commitment, resolve, and faith as along came the two most beautiful additions of our lives.” He additional stated that although he and his spouse half methods, they’ll proceed to do what’s greatest for his or her two daughters, Niharika and Nisa.
Nawaz Modi Singhania is a director of Raymond Ltd and he or she additionally runs Body Art, a sequence of premier health centres.
Raymond And Its Market Value
Raymond, a various firm value about Rs 11,900 crore, is greatest recognised for its textile, clothes, denim, and client care merchandise. The agency recorded consolidated annual income of Rs 8214.7 crore and revenue after tax (PAT) of Rs 536.9 crore in FY23.
Apart from Gautam and Nawaz, the Singhania household has substantial stakes in Raymond by plenty of totally different organisations. Through members of the family, trusts, and promoter companies, Gautam Singhania, owns 49.11% stake within the firm.
