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<keyword id="6405378" type="General" weightage="20" keywordseo="gautam-singhania" source="Orion">Gautam Singhania</keyword>, Chairman and Managing Director of Raymond on Monday issued a statement to announce separation from his wife, <keyword id="201967" type="General" weightage="20" keywordseo="Nawaz-Modi-Singhania" source="Orion">Nawaz Modi Singhania</keyword>. Singhania wrote on X that Diwali is not going to be the same for him this year. "This Diwali is not going to be the same as many in the past. 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." "It is my belief that Nawaz and I will pursue different paths from here on... I am parting ways with her while we will continue to do what is the best for our two precious diamonds Niharika and Nisa," Singhania said in the post. He added that there has been a lot of rumour mongering and gossip around his family "fanned by not so well wishers". Earlier media reports said that Nawaz Modi Singhania, wife of Gautam Singhania, was allegedly stopped from attending her husband's Diwali party in Thane, last week. Nawaz Modi Singhania reportedly recorded the video of the incident which has gone viral. In the video, Nawaz can be heard saying that she was standing outside JK Gram. Nawaz Modi Singhania alleged that she was invited for the party but now she was not allowed to enter the premises, as per media reports.

Raymond's Gautam Singhania announces separation from wife Nawaz Modi Singhania

<ul><li>There is no law in India that states that the wife should get a certain percent of their husband's income or wealth as <keyword id="6406198" type="General" weightage="20" keywordseo="alimony" source="Orion">alimony</keyword>. </li><li>Actual settlement amount depends on the lawyer, the income of the husband and number of dependents, among other factors. </li><li>If there is accusation of mental cruelty or domestic physical violence against the husband, those will have to be tested before the court. </li></ul>In the process of reaching an agreement following their divorce, Nawaz Modi Singhania, 53, the separated spouse of billionaire industrialist Gautam Singhania, has reportedly requested 75% of his purported $1.4 billion fortune for herself and their two daughters. When Bollywood star Hrtithik Roshan and Sussanne Khan divorced in 2013, she had reportedly demanded ₹400 crore as alimony. It was later settled at ₹100 crore, though not confirmed. High-profile divorce cases make headlines, and when industrialists are involved they may also affect share prices. But when a divorce happens and the wife makes an alimony claim, how do things pan out? "The court will look at the education levels of the person and their ability to be employed while deciding alimony. It's very unlikely that somebody will get 75% of the assets," said Delhi-based corporate lawyer Anuroop Omkar, founding partner of law firm AK &amp; Partners. There is no law on settlement percentage There is no rule in India which says that you have to give so and so percent to your wife as alimony. “It depends on a number of factors. One of them is what is your strategy to get the money- what is the lawyer’s strategy, what are arguments, what is your lawyer’s research. This happens because there is no set rule,” says Vandana Shah, a divorce lawyer. So the actual settlement amount depends on the lawyer, the income of the husband,what the wife is earning and depends on what comes out in court. It also depends on the number of dependents. In the Rajnesh vs Neha divorce case, a few years ago, the court ruled that there's no fixed formula to determine the amount of maintenance to be granted. The awarded maintenance should be fair and practical, ensuring that it enables the wife to sustain herself comfortably and reasonably. The adequacy of the sum should be assessed based on the wife's ability to maintain herself with a reasonable standard of living. “Since November 2020, as per Rajnesh V/s Neha as per the Supreme Court guidelines, every wife who makes a claim for maintenance,makes an application in the prescribed format which - includes the financials of the wife, her monthly expenses, investments, properties she owns and so on. The husband is also expected to file his application with his financials in the format prescribed by the Supreme Court,” says S<a href="https://www.linkedin.com/in/sandhya-vasudevan-sondhi-1099215/overlay/about-this-profile/">andhya Vasudevan Sondhi</a>, founder, SVS Legal, a Mumbai-based boutique law firm that handles family matters. Outside court settlement It is advised that such separation issues be amicably dealt with. Especially in the case of the Singhanias, there will be allegations and counter allegations by both the parties, especially since the tenure of marriage is long. “Looking at the gravity of the whole situation and looking at the children and the long tenure of marriage, if both the parties talk it out and settle the matter, it could be wonderfully handled. If a divorce can be done in a mutual way, it works in the best interest of both the parties, the children and also the respective families,” says Advocate Siddhartha Shah , a divorce lawyer. The law thus provides a solution to this. Section 28 of the special marriage act, talks about of divorce by mutual consent. “If there are unreasonable claims, then one of the parties may not agree. Then the court will have to look at each and every aspect of the accusations and then the court will have to weigh it according to the primary and secondary evidence that is produced before the court,” says Shah. It is noteworthy that if there is accusation of mental cruelty or domestic physical violence against the husband, that will have to be tested before the court. Then the case goes to trial and that can become a time consuming process.

High profile divorces are stories of claims and counterclaims best settled outside court

<keyword id="6368261" type="General" weightage="20" keywordseo="raymond" source="Orion">Raymond</keyword> <keyword id="6373267" type="General" weightage="20" keywordseo="independent-directors" source="Orion">independent directors</keyword> say no law requires them to investigate <keyword id="112907" type="General" weightage="20" keywordseo="matrimonial" source="Orion">matrimonial</keyword> <keyword id="6371437" type="General" weightage="20" keywordseo="disputes" source="Orion">disputes</keyword>. "The IDs are alert to ensure that the matrimonial disputes between the two promoter directors do not in any manner affect the capacity of the Chairman &amp; Managing Director to manage the affairs and business of the <keyword id="24975" type="General" weightage="20" keywordseo="company" source="Orion">Company</keyword>," they said. "The IDs, over the last few weeks, have been meeting and monitoring the situation so far as it affects the Company and the minority shareholders; and reiterate their commitment to protect, at all times, the interests of non-promoter minority shareholders, employees and other <keyword id="6396326" type="General" weightage="20" keywordseo="stakeholders" source="Orion">stakeholders</keyword>," they said. "The IDs shall continue to exercise utmost vigilance in watching the evolving situation and shall not hesitate to proactively initiate measures, the moment required, to protect the interests of all stakeholders. The IDs have decided to retain Berjis Desai, senior independent legal counsel, who has no links with the promoters or the Company, for advising the IDs," they said. "The IDs would like to assure the stakeholders that they shall act dispassionately. The paramount consideration shall always be the interests of the Company as a whole and its non-promoter shareholders. Any material development or remedial measures which impacts the Company shall be forthwith communicated in a spirit of complete transparency," they said. "Your actions must protect the company from what proposes to be a long-drawn acrimonious battle between Nawaz Modi and Gautam Singhania," corporate governance advisory firm, Institutional Investor Advisory Services India Limited (IiAS) had written in a letter to independent directors of Raymond Limited. The letter has been addressed to independent directors, Mukeeta Jhaveri, Ashish Kapadia, Dinesh Lal, K Narsimha Murthy and Shiv Surinder Kumar As per media reports, Nawaz Modi Singhania (Nawaz Modi), a board member, alleged that she and her daughter were physically assaulted by Gautam Singhania, the company's Chairman and Managing Director, at JK House (company property) in September 2023. She also alleged that company funds were being used for Gautam Singhania's personal benefit (CEO excesses) - and that she was acting as a whistle-blower of sorts. "Despite such serious and heinous accusations by one board member against another, you have been silent. Investors are worried, which is reflected in the significant erosion in stock price over the past few days. Your silence can be misconstrued - surely you don't want stakeholders thinking that these accusations are to be tolerated," IiAS said.

Raymond independent directors say no law requires them to investigate matrimonial disputes

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Raymond's Gautam Singhania announces separation from wife Nawaz Modi Singhania

IANS

High profile divorces are stories of claims and counterclaims best settled outside court

Anagh Pal

Raymond independent directors say no law requires them to investigate matrimonial disputes

IANS

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