Billionaire industrialist Gautam Singhania’s estranged wife, Nawaz Modi Singhania, has reportedly demanded 75 percent of his $1.4 billion net worth as part of the divorce settlement for herself and her two daughters, The Economic Times reported.
Singhania plans to set up a family trust to manage and transfer the family’s assets with him acting as the sole managing trustee, the ET reported. ET also reported that his family would be allowed to inherit the money after his death. Meanwhile, this arrangement is unacceptable to Nawaz.
It is to be noted that the trust fund is made up of three stakeholders, namely the settlor (the person who provides the funds), the trustee (the person who acts as an administrator) and the beneficiary (the person who benefits from the funds).
Gautam Singhania is announcing separation
Earlier, billionaire Gautam Singhania announced separation from his wife Nawaz Modi, daughter of attorney Nadar Modi. The couple tied the knot in 1999 and have been together for 32 years.
In a post on social media, Singhania, chairman and managing director of textile-to-estate conglomerate Raymond Ltd, said, “This Diwali will not be the same as many in the past. I believe Nawaz and I will try different do. paths from now on.”
READ ALSO | ‘This Diwali will never be the same…’: Gautam Singhania announces separation from wife
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