Analjit Singh terms allegations in NCLT petition ‘downright untruthful’

Max Group’s founder and Chairman, Analjit Singh, has termed the petition filed by his wife Neelu Analjit Singh at national company law tribunal (NCLT) alleging shareholder oppression and mismanagement of affairs at the group’s unlisted promoter entity, Max Ventures and Investment Holding Private Limited, as ‘downright untruthful’, in an official statement.

“For the past 40 years, the Max Group has set exemplary corporate governance records contributing to significant wealth creation for all shareholders and will continue to do so”, said the statement quoting Analjit Singh.

“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”, the statement read.


The Max group founder will contest the allegations in the NCLT hearing, according to the statement. “These allegations are mired in incorrect facts and misrepresentation”, the statement said.

When contacted, Neelu Analjit Singh denied the contentions of Analjit Singh but offered no further comment as the matter is sub-judice.

Max Ventures and Investment Holding Private Limited has shareholding in three listed Max Group entities – Max Financial Services, Max India and Max Ventures and Industries Limited.

ET had first reported in its edition on 20 March that Neelu Analjit Singh had moved the NCLT against Analjit Singh and some directors of Max Ventures and Investment Holding Private Limited accusing them of withholding information about the company’s activities from her and alienating its assets to her detriment. She has claimed that she is a 24.1% shareholder of Max Ventures and Investment Holding Private Limited.