Produced by: BT Desk Designed by: Manoj Kumar
In fresh twist to Raymond group chief Gautam Singhania and his estranged wife Nawaz Modi divorce tussle, Modi is reportedly sticking to her initial demand - 75% of Singhania's $1.4-billion wealth for their two daughters, Niharika and Nisa, and herself.
Modi is also seeking custody of their minor daughter, alleging that Singhania has been exerting influence on the two daughters. The couple separated in November 2023.
Nawaz Modi claims Singhania denied the settlement demand, saying “do whatever you want”. The lawyers of both parties then put forward a new proposal for a "more realistic" settlement.
An ET report says, Modi's demand has derailed the settlement talks, which were proceeding well. Vijaypat Singhania, Gautam's estranged father, backs Modi's demand.
Nawaz Modi has reportedly claimed that her husband has been threatening her daughter who is an international equestrian rider "to toe the line or he would cut off support for the sport".
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.
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. 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.