Max Group founder and Chairman Analjit Singh on Monday refuted allegations made against him in an NCLT petition and said these are “mired in incorrect facts and misrepresentation”.
The statement comes following media reports that said Analjit’s wife Neelu Analjit Singh has claimed “diversion and siphoning” off of funds by her husband from a group holding company.
Analjit Singh in a statement on Monday said, “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.”
In a petition filed before the National Company Law Tribunal (NCLT), Analjit’s wife has sought a probe into the affairs of Max Ventures Investment Holdings Pvt Ltd and directions to declare Analjit Singh “unfit” to be the company’s director and shareholder.
In the statement, Analjit, how holds a majority stake in the holding company, said, “While these allegations are mired in incorrect facts and misrepresentation, we will contest these allegations in the NCLT hearing.”
He said that 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.
Neelu Analjit Singh owns a 24.1 per cent stake in Max Ventures & Investment Holding Pvt Ltd, an unlisted promoter entity with shareholding in the listed entities Max Financial Services, Max India and Max Ventures & Industries Limited.
Analjit stated, “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.”
Interestingly, an initial investment of Rs 1,000 in Max Financial (formerly Max India) stock in 1989 has current value of Rs 11.5 lakh with an annualised return of 24 per cent, the company said.
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