Analjit Singh buys estranged wife's 24.1% stake in Max Ventures holding

Serial entrepreneur Analjit Singh has bought out estranged spouse Neelu Analjit Singh's 24.1% stake in his holding company as part of a family settlement, ending a nearly three year-long dispute, said people in the know.

An agreement signed by the two entails Analjit Singh paying a financial consideration to Neelu Analjit Singh for acquiring her stake in Max Ventures Investment Holding Pvt Ltd, the people said. In lieu of the share purchase pact, Neelu Ananjit Singh will drop all charges against her husband in a lawsuit filed by her two years ago, the people said.

Financial details of the agreement could not be ascertained.

ET was the first to report on 20 March 2022 about Neelu Analjit Singh filing the lawsuit in the National Company Law Tribunal (NCLT) alleging shareholder oppression and mismanagement of affairs of the unlisted Max Ventures and Investment Holding.

She also blamed Analjit Singh for alienating assets of the holding company to her detriment. Among her other claims was that the company's funds were being diverted by providing low cost loans to Singh's privately held ventures which own hospitality assets overseas.

She also demanded a forensic audit of the company's books.

Post the settlement, Analjit will own the entire shareholding of Max Ventures and Investment Holding. The holding company owns stakes in publicly-listed companies Max India, Max Financial and Max Estates.

Max Ventures Investment Holding and Neelu Singh's lawyers declined to comment. Analjit Singh was unavailable for comment.

"Pursuant to a global settlement arrived at between Analjit Singh and Neelu Singh, all disputes amongst them have been resolved and consequently various suits/petitions...were duly withdrawn and stand disposed off," the three listed companies said in similar regulatory filings on Wednesday, without providing further details.

The settlement was reached after intense consultations between the two sides with law firms Khaitan and Khaitan and Cyril Amarchand Mangaldas advising Neelu Analjit Singh and Analjit Singh respectively. A battery of high-profile lawyers including Kapil Sibal and Abhishek Manu Singhvi argued the case.

Max Ventures Investment Holding has a 21.52% stake in Max Estates, 41% in Max India and a 3.22% stake in Max Financial. At current market prices, these holdings are worth about ₹ 3,293 crore. The Max group previously also owned the Max brand of hospitals, Max Bupa health insurance, and Max packaging films.

ET had reported on 30 August 2022 that a two-judge bench comprising NCLT's former president Ramalingam Sudhakar and former consumer affairs secretary Avinash Srivastava had termed the litigation as a family dispute and not a typical company dispute and urged the two parties to settle the matter amicably.