Chandigarh, November 20
According to reports by ED, Nawaz Modi has sought an estimated 75% of Gautam Singhania’s net worth of over Rs 11,000 crores for their two daughters and herself as part of a family settlement following the couple’s separation.
Singhania, the Chairman and Managing Director of Raymond, is said to have agreed to share the wealth. However, Singhania has suggested setting up a family trust to hold the assets where he would be the sole managing trustee.
The billionaire industrialist announced separation from his wife Nawaz on November 13, 2023, in a post on X, saying it was not the same Diwali as in the past. The couple was together for 32 years.
The trend of setting up family trusts seems to be catching up in India, especially in situations where there are multiple claimants.
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