Nawaz Modi Singhania, the estranged wife of the Chairman and Managing Director of Raymond Ltd, Gautam Singhania, has reportedly demanded 75% of his alleged US Dollar 1.4 billion net worth for herself and their two daughters in a family settlement following their separation, according to the Economic Times report. Modi did not take calls from the FPJ, but sources close to her said she has asked 25 per cent each for herself and the two daughters of the couple, Niharika and Nisa.
Although Singhania has tentatively agreed to meet the demand and he has proposed of establishing a family trust. Under this proposition, the family's wealth and assets would be transferred into the trust, with him serving as the sole managing trustee. Upon his demise, the family members would have the authority to inherit the assets afterward, the Economic Times reported.
Singhania announces separation from wife
The FPJ had reported on November 13 about Nawaz being stopped by bouncers from attending a Diwali party hosted by her husband at their bungalow in Thane. She had sat in protest at the gate of the bungalow. The couple got married in 1999 after eight years of courtship.
Gautam Singhania, last Monday, November 13 made an announcement regarding his decision to separate from his wife, Nawaz Modi Singhania, after 32 years of marriage.
Taking to social media platform X (formerly Twitter), Singhania said, "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 and strength to each other, we traversed with commitment, resolve, faith as along came the two most beautiful additions of our lives. As I reflect over the unfortunate developments in the recent past, there has been a lot of unsubstantiuated rumour mongering, and gossip surrounding our lives fanned by "not so well wishers."
"It is my belief that Nawaz and I will pursue different paths from here on," he added.
"I am parting ways with her while we will continue to do what is best for our two precious diamonds Niharika and Nisa."
"Please respect this personal decision and kindly give us the space to settle all aspects of this relationship. Seeking your best wishes for the entire family during thease times," he said.