Corporate Honcho Rajiv Modi who is the Chairman and Managing Director of Cadila Pharmaceuticals Limited and his wife Monika Garware were granted a mutual consent divorce by a family court in Ahmedabad on Tuesday.
There was frequent news of the relationship between the couple being on the rocks for a long time and their separation was preceded by lot of unpleasant media reports. The couple had been married since past 26-years. While Rajiv was an Ahmedabad based scion hailing from the pharma family business, his wife Monica belongs to well-known Garware family from Mumbai.
The divorce is in news because of an unheard settlement amount agreed by the court and both estranged couple. This is also considered to be one of the most expensive matrimonial separations in Gujarat. The final alimony to be paid by Rajiv Modi to his wife Monica Garware is pegged at a whopping Rs. 200 crore.
Monica was also the joint managing director of Garware Polyesters Limited, however, Senior advocate Sudhir Nanavati, who represented Garware, told DNA that his client had already resigned from all her positions in Cadila and she did not even hold the post of a shareholder in any of her ex-husband Modi’s company.
Monica had asked for a hefty alimony which made it tough for Rajiv to focus on his work assignments. Adding further to his woes, he was also unable to channelise his energies into his new ventures that he floated in Palanpur at Gujarat. The pressure of the long driven court battle could have possibly forced Modi to give in and end the unhappy relationship which was legalised in 1992. Sources said that the couple reached the Sola police station in August over a domestic dispute, which is where itself the agreement of the alimony amount was handwritten,, agreed and signed.
Monica’s lawyer confirmed that Rajiv had paid the sum of Rs. 200 crore via a bank draft which had been agreed and accepted by his client. He also summed up that Garware did not have any further rights or authority over any property owned by Modi henceforth.
Interestingly, the custody of the couple’s son, whose name also happens to be Rajiv, will remain with his father. His mother though will have visitation rights to meet her son.
Cadila is one of the leading pharma firms in India with a turnover of Rs. 2,000 crore.