‘Downright untruthful’: Analjit Singh on media reports about unlisted entity 

Founder and Chairman of the Max Group Analjit Singh has responded to media reports on a National Company Law Tribunal (NCLT) plea filed against an unlisted promoter entity. Singh referred to a plea filed by his wife with the NCLT. 

She has alleged shareholder oppression at a group holding company and also accused the directors including Singh of mismanagement. Responding to these reports, Singh has said in a statement that these reports are “downright untruthful” and that these reports have been encouraged and planted while the issue is still sub judice.

“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 and Industries Limited – in the NCLT,” Singh noted in his statement to the press.

He added that the group has a good corporate governance record and has led to significant shareholders for the past 40 years and will continue to do so.

He further noted, “The operating entities within the group, i.e., Max Life Insurance, Antara Senior Care and Max Estate, 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 also said that the group will contest these allegations in the upcoming NCLT hearing even though these are “mired in incorrect facts and misrepresentation.”