India tycoon Gautam Singhania's wealth at risk amid allegations of domestic abuse

Gautam Singhania, a wealthy Indian textile tycoon, and his wife, Nawaz Modi, are locked in a high-profile divorce settlement that could see Singhania forfeit 75% of his $1.4bn fortune. Both Singhania and Modi are board members and promoter shareholders of the publicly listed Raymond Group, a well-known consumer brand in India. Modi, a fitness coach, is unwilling to settle for less and insists on a trust being formed to secure her two daughters' future with the remaining wealth. Singhania wants to be the sole trustee and settler of the trust, but Modi opposes this proposal and wants to be a co-trustee with certain rights. The couple is currently in mediation, and the 75% figure is still under discussion. The dispute has raised questions about corporate governance and potential criminal liability for Raymond Group, as allegations of domestic abuse and misuse of company funds have emerged. The case has shed light on wider issues of violence against women in India's wealthy families and the lack of independence and dissent within family-run conglomerates. It is anticipated that the matter will not be resolved soon, as Singhania's net worth is primarily tied up in his stake in Raymond Group. Critics argue that separations need to occur to protect the business and address concerns about corporate culture. However, powerful individuals in India often have the ability to silence scrutiny and retain their influence.