Max Family Feud: New saga featuring fund diversion and affairs

This family feud has 'Max'imum drama as top industrialists wife alleges “diversion and siphoning” off of funds and benefits provided to a 'significant other'.

A petition filed with National Company Law Tribunal (NCLT) has Max Group founder Analjit Singh's wife Neelu Analjit Singh alleging that he diverted and siphoned off funds from the company. Neelu also has asked the company to declare Analjit Singh “unfit” to be a director and shareholder of the company.

Allegations Against Analjit

Neelu Analjit Singh, who owns 24.1% in the company, has claimed that the company’s assets were being sold, alienated or siphoned off through sham transactions and that she was being ousted by her husband from the business. Neelu also alleges that fund diversion was being done to aid an affair Analjit was having. She also claims that the undisclosed woman was on the boards of various companies that were subsidiaries or associate companies of a private venture led by Analjit Singh.

She has requested the NCLT to order an independent audit of the company, and restrain Analjit Singh and other directors from using its funds.

What Next?

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.

About MAX Group

The latest closing share price reveals that the holding company owns stakes worth Rs 4000 crore in three listed Max Group companies – Max Financial Services, Max India and Max Ventures & Industries.