Max Group founder and Chairman Analjit Singh on Monday refuted the allegations made against him by his wife Neelu Analjit Singh in a petition filed before the NCLT and said he will contest the charges at the hearings of the tribunal.
Terming the allegation of diversion and siphoning of funds from a group holding company as "downright untruthful", Singh said these are "mired in incorrect facts and misrepresentation".
"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," said a statement put on BSE by Max quoting Analjit Singh.
According to some media reports, his wife Neelu Analjit Singh has filed a petition before the National Company Law Tribunal (NCLT) alleging "diversion and siphoning” of funds by her husband from a group holding company.
She had also sought an investigation into the affairs of Max Ventures Investment Holdings Pvt Ltd and a direction from the NCLT to declare Analjit Singh “unfit” to be a director and shareholder of the company.
The petition is expected to come for hearing this week before the Delhi bench of NCLT.
Singh's wife has alleged facing oppression at a group holding company and was accused of mismanagement of affairs.
She had also alleged directors, including her husband, of Max Ventures and Investment Holding, of withholding information about the company's activities from her and alienating its assets.
Reacting to it, Analjit Singh said, "While these allegations are mired in incorrect facts and misrepresentation, we will contest these allegations in the NCLT hearing".
A petition was filed by Neelu Analjit Singh 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.
Neelu Analjit Singh has 24.1 per cent stake in Max Ventures & Investment, the reports has suggested.
"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 the process, transparency and compliance," the Max Group chairman said.
For the past 40 years, the Max Group has set exemplary corporate governance records contributing to significant wealth creation for all shareholders.
An initial investment of Rs 1,000 in Max Financial (formerly Max India) stock in 1989 has current value of Rs 11.5 lakhs with annualised return of 24 per cent.
"The company will continue to contribute towards shareholder value creation in the future as well," he said.
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