In submissions made through his lawyers during a court hearing, Neelu Analjit Singh, who owns a 24.1% stake in Max Ventures & Investment Holding Pvt Ltd, claimed that the assets of the company family holding were alienated to the detriment of its interests. and information about company business was withheld from him.
Citing an irretrievable breach of trust in the management of the company, she sought redress from the NCLT, including granting the status quo on the company’s shareholding and protection of its assets.
The petition was filed on March 15, according to information on the NCLT’s website, and no relief was granted at the first hearing on March 17. The next hearing is scheduled for March 31.
The Singhs have three children. At the first hearing, lawyers for Neelu Singh said family members took sides in the dispute.
A lawyer for Neelu Singh declined to comment when contacted by ET.
In an email response to ET’s questions about the case, Analjit Singh said: “Yes, like you, I have to understand that as well. I don’t have any specifics or a formal opinion, so I don’t can’t comment.”
Max Ventures & Investment Holding, in an email, said it had not received the petition.
The business reshuffle happened five years ago
Max India declined to comment, saying the matter was within the personal domain of the promoter group. The holding company has stakes worth Rs 4,000 crore in three Max Group listed companies – Max Financial Services, Max India and Max Ventures & Industries – according to their latest closing price.
According to submissions made by Neelu Analjit Singh’s lawyers in court, the proceeds from the sale of shares of the three companies in the 2020-21 financial year were deposited as an advance by the holding company in two entities where Neelu Analjit Singh had no shareholding. The Max Group went through a restructuring five years ago which resulted in the splitting of certain activities and the creation of three new entities. The former Max India Ltd has been renamed Max Financial Services and houses the group’s life insurance business. Max India and Max Ventures & Industries were the other two new entities.
Max India owns the group’s senior living business, which is branded Antara Senior Living. Max Ventures & Industries was set up to house the group’s packaging film business, but divested it and would now focus on real estate. The group left the hospital activity, now housed in a listed entity, Max Healthcare Institute, of which KKR and Abhay Soi are the dominant shareholders.
Meanwhile, Analjit Singh has created a portfolio of personal investments spread across Africa and Europe where he has built five-star estates and country retreats under the Leeu Collection brand.