Nawaz Modi Singhania, the estranged wife of billionaire industrialist Gautam Singhania, has demanded 75 per cent of his estimated $1.4 billion net worth as part of the divorce settlement, citing the financial well-being of their two daughters, Niharika and Nisa, as the primary motive, according to a report by the Economic Times.
This demand has ignited discussions regarding the future distribution of the family’s wealth, as Gautam Singhania is reportedly open to considering Nawaz’s proposal. He has suggested the creation of a family trust to oversee and transfer the family’s assets.
Under his plan, he would serve as the sole managing trustee, and the assets would be inheritable by family members following his passing. However, Nawaz is said to find this arrangement unsatisfactory.
Following their split, which was announced shortly after Nawaz Modi was reportedly barred from attending the billionaire’s Diwali celebration, Gautam Singhania issued a statement emphasizing their commitment to co-parenting their two daughters.
To handle the legal aspects of their divorce settlement, Haigreve Khaitan from Khaitan & Co and Rashmi Kant, a Mumbai-based law firm, have been engaged as legal advisors for Gautam Singhania and Nawaz Modi, respectively. Additionally, reports suggest that Akshay Chudasama, the Managing Partner at Shardul Amarchand Mangaldas & Co, is attempting to facilitate discussions between the couple for a potential reconciliation or a mutually acceptable resolution.