Gautam Singhania’s separation from his wife after 24 years of marriage may prove costly, Nawaz demands 75 percent of his wealth
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Raymond MD and billionaire industrialist Gautam Singhania (Gautam Singhania) to his wife Nawaz Modi (Nawaz Modi) was announced on Diwali. Both of them separated after almost 24 years of marriage. But now Gautam Singhania’s troubles seem to be increasing in the matter. According to ET reports, Nawaz Modi has demanded 75% of his total net worth from Gautam Singhania. He has asked for this amount for his two daughters Niharika and Neesa. Let us tell you that 59-year-old Gautam Singhania married Nawaz Modi, daughter of solicitor Nadar Modi, in 1999 after a long love affair of about eight years. He also has two children. The net worth of Singhania, Chairman and Managing Director of textile and apparel group Raymond Limited, is said to be around Rs 11,000 crore. He said that while living together for 32 years as a couple, growing as parents and always being each other’s strength… we stepped forward with commitment, determination and faith as well as our The two most beautiful things in life (children) also came.
What will be Gautam Singhania’s stand?
According to a report in Economic Times, Gautam Singhania temporarily agreed to his wife’s demand. He has proposed to form a family trust. This trust will have the ownership rights of all the property and assets. In this he will be the sole managing trustee. After his death, family members will have the right to make a will of this property. However, his statement has been made unacceptable by Nawaz. Gautam Singhania’s total wealth is said to be more than ₹11,000 crore. Singhania, chairman and managing director of Raymond, announced last Monday that he had parted ways with Nawaz amid speculation over the future of their 32-year-old relationship. Let us tell you that many trusts are already formed in Raymond Group. J.K. Trusts and Smt. Sunitidevi Singhania Hospital Trust is also a part of Remend. Remaind Limited has 1.04 percent stake in it. Gautam Singhania is the chairman and managing trustee in it, whereas, Nawaz Modi is a trustee in it.
How will the divorce happen between the two?
ET reports that Hargrave Khaitan, senior partner at Khaitan & Co, has been appointed as legal advisor to Singhania, while Mumbai-based law firm Rashmi Kant is believed to have been roped in by Nawaz Modi on his behalf. Akshay Chudasama of Shardul Amarchand Mangaldas & Co is reportedly attempting to mediate for a possible reconciliation or a mutually agreed period. According to the law related to forming a trust, there are three main parties for it. This includes the trust settlor, administration head and beneficiary. The more important thing is that there cannot be only one person on these three posts.
What is the story of their separation?
Gautam Singhania and Nawaz Modi were in a love relationship for eight years before marriage. After this they got married in 1999. But, after the news of their separation, a video is going viral very fast. In this video it is being claimed that Nawaz was not being allowed to enter Thane last week despite being invited to a pre-Diwali party by Gautam Singhania. Gautam Singhania wrote that as I reflect on the unfortunate events that have taken place in recent times, many baseless rumors have been spread around our lives. He said that I am separating from them, but we will continue to do better for our two precious diamonds – Niharika and Nysa. Please respect this personal decision and allow us to sort out all aspects of the relationship. At this time I want your best wishes for the entire family. Nawaz, daughter of a well-known lawyer, has also studied law herself. He also opened a gym. It is said that she was in a relationship with Singhania for eight years before they married in 1999. He is fond of fast cars.
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