Billionaire industrialist Gautam Singhania recently announced the end of his 32-year marriage, citing “unfortunate developments” and dispelling rumors. In a recent development reported by The Economic Times, Nawaz Modi Singhania takes a turn as she demands a substantial 75% share of his estimated $1.4 billion net worth. The request, aimed at securing the financial future of their two daughters, has sparked discussions on the distribution of the family’s wealth.
Singhania’s Counterproposal
While Gautam Singhania is reportedly open to considering Nawaz’s request, he proposes the establishment of a family trust to manage and transfer assets. Under this plan, he would act as the sole managing trustee, allowing family members to inherit assets post his demise. However, Nawaz finds this arrangement unacceptable, introducing complexity to the ongoing negotiations.
Trust Laws and Legal Advisors Enter the Fray
The proposed family trust structure, where Gautam Singhania would serve as both settler and trustee, has stirred controversy. Legal advisors, including Haigreve Khaitan from Khaitan & Co representing Gautam, and Mumbai-based law firm Rashmi Kant, reportedly advising Nawaz, have been engaged to navigate the complexities of the divorce settlement.
Mediation Efforts Amidst Ongoing Negotiations
As discussions persist for several weeks, Akshay Chudasama of Shardul Amarchand Mangaldas & Co. is attempting to mediate between the couple, seeking a potential reconciliation or a mutually agreeable resolution.
The negotiations remain at an early stage, with no final decisions reached, according to sources cited in the ET report.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER.
