Max Group founder and Chairman Analjit Singh have 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," said a statement put on BSE by Max quoting Analjit Singh.
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.
Reacting to it, Analjit Singh said, "While these allegations are mired in incorrect facts and misrepresentation, we will contest these allegations in the NCLT hearing".
A petition was filed by Neelu Analjit Singh against Max Ventures Investment Holdings Private Limited – an unlisted promoter entity with shareholding in the listed entities Max Financial Services, Max India, and Max Ventures & Industries Limited – in the NCLT.
"The operating entities within the group i.e., Max Life Insurance, Antara Senior Care, and Max Estates, continue to pursue their respective chosen strategies with the promoters' unequivocal commitment, following the highest standards of governance with respect to the process, transparency and compliance," the Max Group chairman said.