Raymond MD Gautam Singhania's estranged wife seeks 75 per cent of his net worth after separation

Raymond MD Gautam Singhania's estranged wife seeks 75 per cent of his net worth after separation


The estranged wife of billionaire industrialist and chairman and managing director of Raymond Group Gautam Singhania, Nawaz Modi, demanded 75 per cent of his net worth as a family settlement for their two daughters, Niharika and Nisa, and for herself.

Singhania's net worth is reported to be over Rs 11,000 crore.

She cited the financial well-being of Niharika and Nisa as the primary motive for seeking the settlement.

According to Economic Times, Singhania may have agreed to the agreement and suggested setting up of a family trust of which he would be the only managing trustee. All the assets and wealth of the family would be transferred to the trust. After his death, his family members would inherit his wealth.

Read More Microsoft fires thousands of workers in second mass layoff in months

However, Nawaz hasn't reportedly agreed to such a setup.

A trust must have three main parties—a settler, who puts money, a trustee who acts as an administrator, and finally, the beneficiary, people familiar with trust laws observed.

“A trust is about a relationship first, law second. A settler can also be a trustee. But not all three. That would defeat the purpose. These come under contract law provisions," ET quoted a tax specialist as saying.

Gautam Singhania, on Monday, announced that he has separated from Nawaz after 32 years of being together.

"32 years of being together as a couple, growing as parents and always being a source of strength to each other...we traversed with commitment, resolve, faith as along came the two most beautiful additions of our lives."

"As I reflect over the unfortunate devlopments in the recent past, there has been a lot of unsubstantiated rumour mongering, and gossip surrounding our lives, fanned by not so well wishers," Singhania had said in a social media post, announcing their separation.

Tags:

About The Author

Aryan Age Picture

Welcome to Aryan Age, an English newspaper that has been serving readers since 2011 from Delhi. With a loyal circulation of over 19,000, we are dedicated to providing our readers with the latest news and information, as well as insightful analysis and commentary that help them navigate the complex and rapidly changing world.

Post Comment

Comment List

Latest News

Our Culture Embodies a Glorious Tradition of Harmony and Knowledge: CM Dr. Yadav Our Culture Embodies a Glorious Tradition of Harmony and Knowledge: CM Dr. Yadav
Chief Minister Dr. Mohan Yadav said that India’s culture carries a proud and ancient legacy of social harmony and knowledge....
CM Dr. Yadav Participates in Lord Jagannath’s Grand Rath Yatra
Strict Action Will Be Taken Against the Guilty

Live Cricket Score

Advertisement

Science & Tech

Oppo K13x 5G launched under Rs 12,000 in India: 6,000mAh battery, 50MP camera Oppo K13x 5G launched under Rs 12,000 in India: 6,000mAh battery, 50MP camera
New Delhi: Oppo has officially launched its latest budget 5G smartphone, the Oppo K13x, in India. Aimed at the sub-Rs...
OnePlus 15 may drop Hasselblad cameras: Major imaging shift revealed in leak

Health

Is it just burnout or something serious? When should you take brain fog seriously, doctor answers Is it just burnout or something serious? When should you take brain fog seriously, doctor answers
New Delhi: In today’s world, feeling mentally exhausted is very common. This can have a significant impact on our mental...
World Multiple Sclerosis Day 2025: 5 tips to manage the condition better, according to experts

Lifestyle

Memory games to mental math: Try these brain exercises to improve your memory Memory games to mental math: Try these brain exercises to improve your memory
New Delhi: Your brain is one of the most important organs in the body. It controls different functions of the...
Consume these healthy, low-sodium snacks to satisfy your tea-time cravings, know recipe