The billionaire industrialist, Gautam Singhania’s wife, Nawaz Modi demands 75% of his total Rs. 11,658 crore net-worth in divorce settlement. She also accuses the Raymond Chairman and Managing Director of assaulting her and one of their daughters.
The couple’s dispute was first revealed to the public and initially gained attention when videos surfaced of Modi being denied of entry at a company Diwali party. Shortly after that, Singhania announced about their separation on social media. He expressed his desire to uphold his family’s dignity for the sake of his two daughters and refrained from making further comments, urging respect for his privacy.
According to Modi, Singhania assaulted her and one of their daughter on September 9 in a fit of rage and that was just one of the three instances of assault she has endured at Singhania’s hands.
Describing the September 9 incident, she stated that an argument over using a bathroom escalated into physical assault by Singhania, which resulted in injuries to both her and their elder daughter.
Modi attempted to involve the police, but Singhania prevented them from entering the house, after which their neighbors, the Ambanis intervened, facilitating the registration of a non-cognizable complaint and her treatment at Reliance hospital, where she was admitted to the intensive care unit.
Following the incident, Modi and her two daughters left the house, and she has since been living with her parents. Legal proceedings are under way, with both sides attempting to reach a settlement. Modi, 53, is seeking 75% of Singhania’s $1.4 billion net worth for herself and their two daughters.
In response, Singhania has suggested the establishment of a trust to manage the family’s assets, with him serving as the exclusive trustee throughout his lifetime. However, Modi deems this proposition unacceptable.
Legal advisers, including Haigreve Khaitan for Singhania and the Mumbai-based law firm Rashmi Kant for Modi, have been engaged in the process. Akshay Chudasama, managing partner at Shardul Amarchand Mangaldas & Co, is attempting to mediate between the two parties.
Modi emphasized that her pursuit is grounded in her role as their mother and legal guardian as she intends to secure financial stability for her daughters. She recounted Singhania’s past expressions of concern for their well-being and highlighted her current goal of seeking a fair settlement for herself and her children, proposing a distribution that ensures their financial security.
In addition to overseeing a network of fitness centers known as BodyArt, Nawaz Modi, a pioneer in aerobics and wellness in south Mumbai, holds a position on the board of directors at Raymond Ltd.
Comments 1