Raymond Group's MD and Estranged Wife Seek Realistic Divorce Settlement Amid Controversy
Gautam Singhania, MD of Raymond Group, and his estranged wife, Nawaz Modi Singhania, navigate a complex divorce process, aiming for a more 'realistic' settlement after initial demands sparked controversy. Legal representatives for both parties present a new proposal, addressing concerns raised by Raymond shareholders and the board. The impact on share prices and company valuation leads Raymond to seek legal advice. The finalization of the divorce and settlement is imminent, following a tumultuous public dispute and abuse allegations.
Raymond Group's MD, Gautam Singhania, and his estranged wife, Nawaz Modi Singhania, are reportedly working towards a more "realistic" divorce settlement, aiming to resolve their ongoing feud, as per The Economic Times.
The divorce proceedings took a contentious turn when Nawaz Modi Singhania initially demanded 75% of Gautam Singhania's total net worth, coupled with abuse allegations. The legal representatives for both parties have now presented a new proposal, leading to a more pragmatic approach to the settlement. The finalization of the divorce and settlement is anticipated in the coming days.
Concerns have been raised by Raymond shareholders and the board of directors regarding the impact of the public divorce and domestic violence allegations on share prices and company valuation. Raymond sought the advice of independent legal counsel Berjis Desai to navigate the divorce dispute, acknowledging the matter as outside their usual purview.
While a more realistic settlement is reported, specifics regarding the revised terms have not been disclosed. The development follows the initial demand for 75% of Gautam Singhania's net worth by Nawaz Modi Singhania.
Background: Gautam Singhania publicly announced his separation from Nawaz Modi on November 13, initiating divorce proceedings. The initial settlement demand by Modi included 75% of Singhania's net worth for herself and their two daughters. Subsequently, she alleged physical abuse against Singhania, specifically mentioning their minor daughter, although Singhania has refrained from commenting on these allegations.
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