Max Group founder and chairman Analjit Singh has on Monday refuted the allegations made against him in a petition filed with the NCLT, terming it as “downright untruthful”. Singh has said he will contest these allegations in the NCLT hearing.

“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,” a MAX statement on the BSE quoting Analjit said.

According to some media reports, his wife Neelu Analjit Singh has filed a petition before the National Company Law Tribunal alleging “diversion and siphoning” off of funds by her husband from a group holding company.

She had also sought an investigation into the affairs of Max Ventures Investment Holdings Pvt Ltd and a direction from the NCLT to declare Analjit Singh “unfit” to be a director and shareholder of the company. The petition is expected to be listed this week before the NCLT for hearing.

“While these allegations are mired in incorrect facts and misrepresentation, we will contest these allegations in the NCLT,” Singh said.

Max Health

Max Healthcare Institute Ltd (MHIL) on Monday said that the stock exchanges have approved the reclassification of Analjit Singh, his family and a group firm, as public shareholders. After the reclassification, the promoter’s stake will go down only slightly to 60.64 per cent from 60.68 per cent,

Singh, his family and group company Max Ventures Investment Holdings, were the promoters of erstwhile Max Healthcare, which was acquired by hospital management firm Radiant Life Care in 2018. As part of the deal, Max Healthcare promoters led by Singh had stepped down.

MHIL is the entity formed by the merger of the healthcare assets of Max Healthcare, Max India Ltd and Radiant.