Raymond’s Gautam Singhania, wife Nawaz Modi begin ‘realistic’ settlement talks: Report

Raymond Group Chairman and Managing Director (CMD) Gautam Singhania and his estranged wife, Nawaz Modi have reportedly begun “realistic” settlement talks amid their ongoing separation proceedings, reported Economic Times citing legal sources.

The talks had reportedly taken a turn for the worse after Modi levelled allegations of assault against Singhania and asked for 75 per cent of his $1.4-billion personal wealth for herself and their two daughters.

New ‘realistic’ settlement

A report by the ET citing legal sources close to the couple revealed that lawyers from both sides have engaged in talks and Singhania and his wife have now reached a “more realistic” settlement.

The settlement deal and divorce are expected to be finalised in a few days. This comes after Singhania suggested the setting up of a fund following Modi’s 75 per cent settlement demand, which the latter deemed unacceptable.

In an interview with India Today, Modi claimed Singhania denied the settlement demand, saying “do whatever you want”.

While the ET has reported that a more realistic divorce settlement has been reached after throwing out the initial 75 per cent demand of the billionaire’s net worth, the details of the new settlement remain unknown.

Raymond shareholders worried

The divorce proceedings between Singhania and Modi have left Raymond shareholders and the board of directors concerned as the couple’s public divorce settlement and domestic violence allegations led to the company’s share prices and valuation taking a hit.

Independent Directors (IDs) of Raymond had appointed independent legal counsel Berjis Desai, last week, to advise the board regarding the divorce dispute between Singhania and Modi. In a stock exchange filing, IDs said that they are aware of the situation and will take action, according to media reports.

They also assured that the “matrimonial disputes” will not affect the CMD’s ability to manage any affairs and business of the company. However, the statement also acknowledges that the matter lies outside their remit.

About the Singhania-Modi divorce

Singhania announced around mid-November that he and his estranged wife are in the process of separating and are ironing out the details of the divorce settlement. Not long after, Modi alleged that she was “beaten up, smashed, and kicked” by Singhania.

She also claimed that her husband “punched” his minor daughter Niharika. Modi has not filed a formal complaint regarding these allegations yet.

(With inputs from agencies)