Max Group founder rejects media reports on wife’s plea alleging shareholder oppression

Analjit Singh, founder and chairman of Max Group, has rejected media reports about a petition filed before the National Company Law Tribunal regarding an unlisted promoter entity. "While these allegations are mired in incorrect facts and misrepresentation, we will contest these allegations in the NCLT hearing,” he said in a statement, according to the Business Standard.

Singh pointed to reports saying that his wife has filed a suit before the NCLT, alleging that she was facing shareholder oppression at a group holding company and accused its directors, including her husband, of mismanagement.

“Our attention has been drawn to the malicious and partisan coverage, in some quarters of the media, of the petition filed against Max Ventures Investment Holdings Private Limited – an unlisted promoter entity with shareholding in the listed entities Max Financial Services, Max India and Max Ventures & Industries Limited – in the NCLT,” Singh said.

In a petition filed before the NCLT, Neelu Analjit Singh also sought an investigation into the affairs of Max Ventures Investment Holdings Pvt Ltd and directions to declare Analjit Singh “unfit” to be a director and shareholder of the company, according to Economic Times. She alleged that a woman with whom her husband was having an “illicit affair” was a key beneficiary of “illegal acts”, including siphoning off funds through sham transactions, according to the paper.

Asked for his comment, Analjit Singh earlier told ET that since the matter was before the NCLT, it was not appropriate for him to clarify or comment.

“Apart from being downright untruthful, what is even more anguishing is the agenda with which these reports have been encouraged and planted while the matter is sub judice. The operating entities within the group i.e., Max Life Insurance, Antara Senior Care and Max Estates, continue to pursue their respective chosen strategies with the promoters’ unequivocal commitment, following the highest standards of governance with respect to process, transparency and compliance,” he said in his latest press statement.