Neelu Analjit Singh Reclassifies as Public Shareholder of Max Financial

New Delhi, Apr 15 (PTI) Max Financial Services on Tuesday said that Neelu Analjit Singh, ex-wife of Max group founder and chairman Analjit Singh, has requested to change her holding in the financial services firm from promoter to public category.

The request received from Neelu Analjit Singh, belonging to the 'Promoter and Promoter Group' holding 1,00,000 equity shares, to reclassify her status from 'Promoter and Promoter Group' to 'Public' category, subject to approval of the concerned stock exchanges, Max Financial Services said in a regulatory filing.

In January this year, Analjit Singh, founder and chairman of the Max group, and his estranged wife Neelu Singh reached a global settlement ending nearly a three-year long dispute.

Consequently, all the suits/petitions filed in the Delhi High Court and before the NCLT against Max Ventures Investment Holdings Private Limited, its directors and Analjit Singh were duly withdrawn and stand disposed off.

"The approval of the Board of Directors of the company on the request for reclassification received from Neelu Analjit Singh is based on the Settlement Agreement dated January 13, 2025, executed between Neelu Analjit Singh and Analjit Singh for segregation of their assets, confirming continued control of the Company with Analjit Singh and other existing promoters," it said.

The fact that Neelu Analjit Singh is no longer classified as the ‘spouse' of Analjit Singh, as the marriage between them was dissolved by an order of the Patiala House Court dated February 19, 2025, it said.

Meanwhile, Amrit Pal Singh has resigned as Chief Financial Officer of Max Financial Services on completion of the term of three years.

Amrit Pal Singh continues to be the Chief Financial Officer of Axis Max Life Insurance Limited, the subsidiary of Max Financial Services.

The board has appointed Nishant Kumar Gehlawat as the Chief Financial Officer of Max Financial Services effective May 1, 2025.

Gehlawat has been associated with Max Group since 2007 and has experience in managing Finance, Corporate development, Treasury and Investor relations Max.