Nawaz Modi Seeks 25% Share for Daughters
Nawaz Modi, estranged wife of Raymond Group Chairman and Managing Director Gautam Singhania, has revealed details of her divorce settlement demands. While her father-in-law, Dr Vijaypat Singhania, supports her request for a 50% share of the total wealth, Modi insists on a 25% share each for her daughters, Niharika and Nysa.
In an interview with India Today, Modi stated that Dr Vijaypat Singhania believes she should receive 50% of the wealth, while he should receive the remaining 50%. However, she maintains her position of accepting only half of the total wealth, with 25% each allocated to her daughters.
This development follows the collapse of settlement talks between Singhania and Modi in January. Reports suggested that Modi had initially demanded 75% of Gautam Singhania's estimated $1.4 billion net worth. Their separation was publicly announced in November 2023, leading to a series of accusations and counter-accusations.
Modi has accused Singhania of assault, claiming she was "beaten up, smashed, and kicked" by him. She also alleged that he "punched" their daughter Niharika for 15 minutes. Additionally, she raised concerns about the misuse of company funds for Singhania's personal benefit.
After 32 years of marriage, Singhania and Modi announced their separation. Singhania's net worth is estimated at $1.4 billion, with a significant portion attributed to real estate holdings. His properties include the valuable JK House in South Mumbai, estimated to be worth around Rs 6,000 crore.
Meanwhile, Modi continues her involvement in the fitness industry with her chain of fitness centers called Body Art. She also holds a position on the board of directors of Raymond Ltd.
Earlier, Vijaypat Singhania expressed his belief that his son would never agree to Modi's initial demand of 75% of the wealth. Following the news of the divorce, Raymond Ltd's shares witnessed a 20% decline in 12 sessions, resulting in a market capitalization loss of Rs 2,500 crore.
On Thursday, April 25, 2024, Raymond Ltd's shares closed at Rs 2,106.90, marking a 2.55% increase.