According to reports, Nawaz Modi, the estranged wife of billionaire entrepreneur and owner Raymond Ltd Gautam Singhania, has requested to keep 75 per cent of the tycoon's $1.4 billion net worth for herself and their two daughters, Niharika and Nisa.
This happened when Singhania declared that his 32-year relationship was over and that they would be going in separate directions moving forward.
A report in the Economic Times claims that Gautam Singhania has mainly agreed to Nawaz Modi's demand. But he has proposed creating a family trust, giving away the family's riches and possessions, and serving as the only governing trustee of the trust. Nawaz finds it intolerable that Singhania desired for his family members to inherit the assets upon his death, according to sources who spoke with ET.
Gautam Singhania and Nawaz Modi have named Haigreve Khaitan, a senior partner at Khaitan & Co., and Rashmi Kant, a Mumbai-based legal practise, as their respective legal advisors.
Shardul Amarchand Mangaldas & Co Managing Partner Akshay Chudasama has allegedly been attempting to mediate between the couple in hopes of a potential reconciliation or a mutually agreeable outcome.
ET was informed by a different source that Gautam and Nawaz are both working hard to secure their daughters' futures.
"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, faith as along came the two most beautiful additions of our lives.” He said that there has been a lot of “unsubstantiated rumour mongering and gossip” surrounding their lives, Singhania said in his separation announcement on social media.
“I am parting ways with her while we continue to do what is best for our two precious diamonds Niharika and Nisa,” he said in the statement.