Raymond's Gautam Singhania and his wife Nawaz Modi in settlement talks over $1.4 billion wealth amidst separation
Raymond Group chairman Gautam Singhania and his wife Nawaz Modi following their separation, legal sources close to the couple said. Lawyers from both sides held discussions on possible contours of a settlement in recent days, two officials close to the matter said.
Singhania's estranged wife has claimed 75% of the industrialist's estimated $1.4-billion wealth for their two daughters and herself, as part of a family settlement. Singhania suggested setting up a trust to hold the wealth, which was unacceptable to Nawaz.
Legal sources close to Singhania said both sides are agreed on a more realistic settlement compared to the demand of a 75% share, but details are being thrashed out.
Singhania and Nawa Modi did not respond to emails from ET.
Raymond earlier appointed Berjis Desai, senior independent legal counsel, to advise the board on developments arising out of the dispute between Singhania and his wife. The spat «lie(s) outside their remit,» the board said in an exchange filing last week.
Desai will monitor developments in the matter and keep the board informed, officials said.
«Independent directors have, over the last few weeks, been monitoring the situation insofar as it affects the company and minority shareholders, and reiterate their commitment to protect, at all times, the interest of non-promoter shareholders, employees and stakeholders,» the board said in the filing.
Further, the Raymond board may not have any basis to probe the allegations of physical abuse against its CEO by his wife, as Nawaz Modi has not filed any formal complaint, said officials close to the matter. Therefore, it is evidently a personal matter, officials said.
Sept 10 Incident
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