Max Group chairman rejects media reports about plea before NCLT

Analjit Singh says company will contest allegations of corporate governance.

Analjit Singh, founder and chairman of Max Group, has rejected media reports about a petition filed before the National Company Law Tribunal (NLCT) regarding an unlisted promoter entity.

Singh referred 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,” said Singh in a press statement.

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.

"While these allegations are mired in incorrect facts and misrepresentation, we will contest these allegations in the NCLT hearing.”