By Mohit Bhalla | The Economic Times | India |
Max Group founder Analjit Singh’s wife has filed a suit in the National Company Law Tribunal (NCLT), alleging that she was facing shareholder oppression at a group holding company and accused its directors including her husband of mismanagement of its affairs.
In submissions made through her advocates at a hearing before the tribunal, Neelu Analjit Singh, who owns a 24.1% stake in Max Ventures & Investment Holding Pvt Ltd, claimed that the assets of the family holding company were being alienated to the detriment of her interests and information about the company’s affairs was being withheld from her.
Citing an irretrievable breakdown of confidence and trust in the management of the company, she sought relief from the NCLT including granting status quo on the company’s shareholding and protection of its assets.
The petition was registered on March 15, as per information available on the NCLT’s website, and no relief was granted in the first hearing on March 17. The next hearing is scheduled on March 31.
The Singhs have three children. In the first hearing, Neelu Singh’s advocates said the family members had taken sides in the dispute.
An advocate for Neelu Singh declined to comment when contacted by ET.
Max India refused to comment, saying that the matter was in the personal domain of the promoter group. The holding company owns stakes worth Rs 4,000 crore in three listed Max group companies – Max Financial Services, Max India and Max Ventures & Industries – as per their last closing share price.
Read the full story, ‘Family feud breaks out at Analjit Singh’s Max Group’ (The Economic Times, 20 March 2022), here.
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