The estranged wife of billionaire industrialist Gautam Singhania, Nawaz Modi Singhania, has reportedly demanded 75 per cent of his 11,000 crore net worth as part of the divorce settlement for herself and their two daughters. According to a report in Economic Times, Gautam Singhania is believed to have largely accepted Nawaz Modi Singhania’s demand. However, he has suggested setting up a family trust, transferring the family’s wealth and assets, and being the sole managing trustee of the trust. As per the report, sources said that after his death Singhania wanted his family members to be allowed to bequeath the assets after him, which is not acceptable to Nawaz.
Haigreve Khaitan, senior partner at Khaitan & Co, and Mumbai-based law firm Rashmi Kant have been appointed as the legal advisor for Gautam Singhania and Nawaz Modi, respectively. Shardul Amarchand Mangaldas & Co Managing Partner Akshay Chudasama has reportedly been trying to mediate between the couple for a possible reconciliation or a mutually-acceptable situation, the daily stated.Another source told the financial daily that both Gautam and Nawaz are trying to secure the future of their daughters on priority.In his separation announcement on social media, Singhania said, "This Diwali is not going to be the same as many in the past. 32 years of being together as a couple, growing as parents and always being a source of strength to each other... we traversed with commitment, resolve, faith as along came the two most beautiful additions of our lives.” He said that there has been a lot of “unsubstantiated rumour mongering and gossip” surrounding their lives.“I am parting ways with her while we continue to do what is best for our two precious diamonds Niharika and Nisa,” he said in the statement.Nawaz Modi is an aerobics and wellness expert located in South Mumbai. She runs Body Art, a chain of fitness centres and is also on the board of Raymond Ltd, valued at Rs 11,875.42 crore. Nawaz Modi owns 2,500 shares of Raymond in personal capacity, while Gautam Singhania owns 29 shares only.