In a recent turn of events, Raymond Group’s Chairman and Managing Director (CMD), Gautam Singhania, and his estranged wife, Nawaz Modi Singhania, appear to be inching closer to a more “realistic” resolution in their high-profile divorce case. As per the media reports, the couple is actively working towards reaching a mutually agreeable settlement.
The rift between the prominent industrialist and his wife took a contentious turn when Nawaz Modi Singhania initially demanded a substantial 75 per cent share of Gautam Singhania’s total net worth, coupled with abuse allegations against him.
However, legal representatives for both parties have now presented a revised proposal, leading to a more pragmatic negotiation. The expectation is that the finalisation of the settlement and the divorce itself will be accomplished in the coming days.
The ongoing divorce saga has not gone unnoticed by Raymond’s shareholders and board of directors, who express concerns about the negative impact on share prices and the overall company valuation. To address these concerns, Raymond had engaged independent legal counsel Berjis Desai to advise the board on the divorce dispute between Singhania and Modi. The company, however, emphasised that this matter lies outside their typical purview.
The specifics of the revised agreement remain undisclosed as of now.
The divorce proceedings were made public when Gautam Singhania announced the separation on 13 November, with the couple currently navigating the intricacies of the divorce settlement. The initial demand by Modi for 75 per cent of Singhania’s net worth for herself and their two daughters set the stage for a highly publicised legal battle.
Adding complexity to the situation, Nawaz Modi Singhania later alleged physical abuse, claiming that Gautam Singhania had assaulted their minor daughter in their residence. Singhania has refrained from commenting on these serious allegations.
As the divorce drama unfolds, stakeholders eagerly await the finalisation of the settlement, hoping for a resolution that will alleviate concerns surrounding Raymond Group’s stability and reputation.
