Raymond's Gautam Singhania, estranged wife Nawaz Modi initiate ‘realistic’ settlement talks: Report 

Raymond Group Chairman and Managing Director (CMD) Gautam Singhania and his estranged wife, Nawaz Modi, have reportedly initiated settlement talks on the back of ongoing separation proceedings. 

Gautam Singhania announced his separation from Nawaz Modi Singhania on November 13, following which Modi asked for 75 per cent of his $1.4-billion personal wealth for herself and their two daughters.

Earlier, in an interview to India Today TV, Nawaz Modi said Singhania denied the settlement demand, saying “do whatever you want”.

The lawyers of both parties have now put forward a new proposal, and Singhania and his wife have reached a "more realistic" settlement, The Economic Times reported. It is expected that the settlement deal and divorce will be finalised in the next few days.

This comes as Raymond's shareholders and board of directors expressed concerns over the marital problems. The share prices and company valuation were largely hit after Singhania's divorce news and domestic violence allegations.

Last week, the Independent Directors of Raymond said that they have hired independent legal counsel Berjis Desai to advise the board regarding the divorce dispute between Singhania and Modi. In a stock exchange filing, IDs said that they are alert about the situation and will take action in this regard.

"The IDs are alert to ensure that the matrimonial disputes between the two promoter directors do not in any manner affect the capacity of the Chairman & Managing Director to manage the affairs and business of the Company. However, it may be appreciated that neither any law nor any corporate governance standard requires ID to enquire into, investigate, or delve into the merits or otherwise, of such matrimonial disputes, which lie beyond the remit of the ID," the filing said.

“The IDs have decided to retain Berjis Desai, senior independent legal counsel, who has no links with the promoters or the Company, for advising the ID. The ID would like to assure the stakeholders that the ID shall act dispassionately,” it said.

Last week, proxy advisory firm Institutional Investor Advisory Services (IiAS) asked the IDs to launch a probe into the allegations of assault made against its Singhania by Modi.
 

Modi had alleged that she was "beaten up, smashed, and kicked" by her husband. She also claimed that Singhania "punched" his minor daughter Niharika for about 15 minutes.

She also alleged that company funds were being used for Singhania's personal benefit (CEO excesses) -- and that she was acting as a whistle-blower of sorts.