<p>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.&nbsp;</p>

<p>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.&nbsp;</p>

<h2><strong>New ‘realistic’ settlement</strong></h2>

<p>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.&nbsp;</p>

<p>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.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/got-lemon-indian-billionaires-042-mn-maserati-purchase-takes-a-sour-turn-626947">'Got lemon': Indian billionaire's $ 0.42 million Maserati purchase takes a sour turn</a></strong></p>

<p>In an interview with India Today, Modi claimed Singhania denied the settlement demand, saying “do whatever you want”.</p>

<p>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.&nbsp;</p>

<h2><strong>Raymond shareholders worried</strong></h2>

<p>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.&nbsp;</p>

<p>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.&nbsp;</p>

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<p>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.&nbsp;</p>

<h2><strong>About the Singhania-Modi divorce</strong></h2>

<p>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.&nbsp;</p>

<p>She also claimed that her husband “punched” his minor daughter Niharika. Modi has not filed a formal complaint regarding these allegations yet.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>


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.

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. ALSO READ | 'Got lemon': Indian billionaire's $ 0.42 million Maserati purchase takes a sour turn 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. ALSO READ | Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions 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)

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

<p>Indian industrialist Gautam Singhania, a known car enthusiast and billionaire, has expressed his dissatisfaction with his recent purchase of $ 0.42 million Maserati's latest supercar, the MC20. Instead of hitting the road in style, Singhania has kept the high-end vehicle parked in the garage of his upscale residence in South Mumbai. The MC20, boasting a top speed of over 325 kilometres per hour, was brought to India by Maserati in late-2021, allowing Indian enthusiasts to experience its remarkable performance firsthand.</p>

<h2><strong>A lemon in the garage</strong></h2>

<p>Speaking at an event, he openly referred to the MC20 as the "worst" car he has ever driven, stressing that its performance has been far from satisfactory. He further advised potential drivers against taking the car on the road, describing it as a hazardous proposition. "I paid for a Maserati but I got a lemon instead," Singhania candidly expressed.&nbsp;</p>

<p>He also blamed the company for attributing the football-like bouncing driving experience to the road conditions in India.</p>

<p>In a bid to address his concerns, Singhania took to the microblogging platform X, where he urged Maserati to appoint an independent test driver to evaluate the safety and performance of the MC20.</p>

<p>Also Read | <a href="https://www.wionews.com/world/nigers-new-prime-minister-says-no-harm-will-come-to-captive-president-mohamed-bazoum-626880">Niger's new Prime Minister says no harm will come to captive President Mohamed Bazoum</a></p>

<p>However, he reportedly said that his efforts to initiate a dialogue have hit a roadblock, with Maserati's parent company, Stellantis, allegedly showing reluctance to acknowledge the vehicle's shortcomings.</p>

<p>Singhania has gone a step further by expressing his genuine apprehension that the Maserati MC20 poses a significant risk to drivers, prompting him to implore Indian authorities and consumer courts to investigate the matter.</p>

<p>Also Read | <a href="https://www.wionews.com/world/brazil-bolsonaros-legal-troubles-deepen-as-quote-authorises-probe-into-his-finances-626878">Brazil: Bolsonaro's legal troubles mount as SC Justice authorises probe into his finances</a></p>

<p>"I genuinely believe the Maserati MC20 is a dangerous car and somebody might kill himself in it," Singhania said on X.</p>

<h2><strong>Maserati responds</strong></h2>

<p>In response to Singhania's public dissatisfaction, Maserati posted a message on X,&nbsp;"Hi there, It's regretful to hear that you have had a negative experience. Our customers are our top priority here at Maserati. We would like to address any concerns you may have. Please send us a private message with more detail, so we can best assist you. Thank you. GC".</p>

<h2><strong>Launch of GS design</strong></h2>

<p>Singhania remains an active figure in the automotive industry. He recently inaugurated GS Design, a new subsidiary of the Super Car Club Garage, a personal venture driven by his passion for cars. Singhania reportedly shared his enthusiasm for GS Design's future, revealing that within just 10 days of its soft launch, the initiative has already garnered 20 orders.</p>

<p><strong>Watch | Has China's growth story hit a roadblock?&nbsp;</strong></p>

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<p>"From 25-odd people, I had in Super Car Club Garage, I have over 250 now and given the number of orders I already have, it will go up," he said adding, "As against the 24-36 months that a European or American car design company takes to retrofit a vintage car, I can deliver the product within three months now. The objective is to do so in two months or even less. The Super Club Car Garage (SCCG) is an exclusive one-stop destination for supercars, super bikes and vintage cars, and its new initiative GS Design seeks to elevate the drive experience through customisation."</p>

<p><em>(With inputs from agencies)</em></p>

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Indian industrialist Gautam Singhania, a known car enthusiast and billionaire, has expressed his dissatisfaction with his recent purchase of $ 0.42 million Maserati's latest supercar, the MC20.

Indian industrialist Gautam Singhania, a known car enthusiast and billionaire, has expressed his dissatisfaction with his recent purchase of $ 0.42 million Maserati's latest supercar, the MC20. Instead of hitting the road in style, Singhania has kept the high-end vehicle parked in the garage of his upscale residence in South Mumbai. The MC20, boasting a top speed of over 325 kilometres per hour, was brought to India by Maserati in late-2021, allowing Indian enthusiasts to experience its remarkable performance firsthand. A lemon in the garage Speaking at an event, he openly referred to the MC20 as the "worst" car he has ever driven, stressing that its performance has been far from satisfactory. He further advised potential drivers against taking the car on the road, describing it as a hazardous proposition. "I paid for a Maserati but I got a lemon instead," Singhania candidly expressed. He also blamed the company for attributing the football-like bouncing driving experience to the road conditions in India. In a bid to address his concerns, Singhania took to the microblogging platform X, where he urged Maserati to appoint an independent test driver to evaluate the safety and performance of the MC20. Also Read | Niger's new Prime Minister says no harm will come to captive President Mohamed Bazoum However, he reportedly said that his efforts to initiate a dialogue have hit a roadblock, with Maserati's parent company, Stellantis, allegedly showing reluctance to acknowledge the vehicle's shortcomings. Singhania has gone a step further by expressing his genuine apprehension that the Maserati MC20 poses a significant risk to drivers, prompting him to implore Indian authorities and consumer courts to investigate the matter. Also Read | Brazil: Bolsonaro's legal troubles mount as SC Justice authorises probe into his finances "I genuinely believe the Maserati MC20 is a dangerous car and somebody might kill himself in it," Singhania said on X. Maserati responds In response to Singhania's public dissatisfaction, Maserati posted a message on X, "Hi there, It's regretful to hear that you have had a negative experience. Our customers are our top priority here at Maserati. We would like to address any concerns you may have. Please send us a private message with more detail, so we can best assist you. Thank you. GC". Launch of GS design Singhania remains an active figure in the automotive industry. He recently inaugurated GS Design, a new subsidiary of the Super Car Club Garage, a personal venture driven by his passion for cars. Singhania reportedly shared his enthusiasm for GS Design's future, revealing that within just 10 days of its soft launch, the initiative has already garnered 20 orders. Watch | Has China's growth story hit a roadblock? × "From 25-odd people, I had in Super Car Club Garage, I have over 250 now and given the number of orders I already have, it will go up," he said adding, "As against the 24-36 months that a European or American car design company takes to retrofit a vintage car, I can deliver the product within three months now. The objective is to do so in two months or even less. The Super Club Car Garage (SCCG) is an exclusive one-stop destination for supercars, super bikes and vintage cars, and its new initiative GS Design seeks to elevate the drive experience through customisation." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

'Got lemon': Indian billionaire's $ 0.42 million Maserati purchase takes a sour turn

Meet Owner of the world's largest suiting fabric producer. One of the most iconic entrepreneurs of India. Gautam Singhania, Chairman & MD, Raymond ltd shares his Billion Dollar Idea

Billion Dollar Idea: Gautam Singhania, owner of the world's largest suiting fabric producer