Cadila Pharmaceuticals boss Rajiv Modi swallows a Rs 200-cr divorce pill

A family court in Ahmedabad on Tuesday granted a divorce to corporate honchos Rajiv Modi and his wife Monika Garware with mutual consent. 

The divorce is touted as the most expensive matrimonial separation in Gujarat with Rajiv, the chairman and managing director of Cadila Pharmaceuticals Limited, having had to pay Rs 200 crore to his wife, the joint managing director of Garware Polyesters Limited, as the settlement amount.

Senior advocate Sudhir Nanavati, who appeared for Garware, told DNA that his client has already resigned from all her positions in Cadila and she is no more even a shareholder in any of Modi’s company. 

Also, the custody of the couple’s son, whose name is also Rajiv, will be with his father. However, Garware will have visitation rights to meet her son.

“Modi has paid the sum of Rs 200 crore to Garware through a bank draft as mutually agreed by the couple. Now, Garware does not have any rights or authority over any property owned by Modi,” Nanavati revealed.

The relationship between the couple was on the rocks for a long time and their separation was preceded by a high-voltage drama that hit headlines.

Cadila is one of the leading pharma firms in India with a turnover of Rs 2,000 crore, Monika is the daughter of Mumbai-based Garware Polyester Limited’s chairman and managing director Shashikant Garware.

A BITTER SPAT

• The relationship between Rajiv and Monika was on the rocks for a long time
   
• Divorce was preceded by a high-voltage drama that hit headlines
   
• The custody of the couple’s son, whose name is also Rajiv, will remain with his father