'Settlement talks between Raymond Group Chief and wife have collapsed'
Settlement talks between Raymond group chief Gautam Singhania and his estranged wife Nawaz Modi have collapsed, said people in the know of the development.
These sources added that Modi is insisting on her initial demand — seeking 75% of Singhania's reported $1.4-billion wealth for their two daughters, Niharika and Nisa, and herself. She is also seeking custody of their minor daughter, alleging that Singhania has been exerting influence on the two daughters. The couple announced their separation in November 2023.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Leadership in AIVisitUniversity of Western AustraliaUWA Global MBAVisitIIM KozhikodeIIMK Chief Product Officer ProgrammeVisitThe talks are attended by lawyers and accountants on both sides.
Legal sources close to Singhania had earlier said both sides had agreed on a more realistic settlement compared to the demand of a 75% share, but details were still being thrashed out.
Officials close to the development now say the sudden U-turn by Modi has derailed the settlement talks, which were proceeding well. «Asking custody of the children, one of whom is 18 years old, is strange. That happens only when the case is in court. Now we have no view on which legal turn the case will take,» said the official.
A spokesperson for Gautam Singhania said: «As mentioned before, there is no specific comment being offered on mischievous misinformation being spread. A dignified silence is continued to be maintained on issues in the private domain and in deference to the two daughters Niharika and Nisa.»
Messages sent to Nawaz Modi did not elicit a response until press time on Wednesday.
While Gautam Singhania
