Neelu Analjit Singh, the ex-wife of Max Group founder Analjit Singh, has formally requested to reclassify her shareholding in Max Financial Services from the “Promoter and Promoter Group” category to the “Public” category. She currently holds 100,000 equity shares in the company. This move follows a settlement agreement between Neelu and Analjit Singh, executed on January 13, 2025, which included the segregation of their assets and confirmed that control of the company would remain with Analjit Singh and the existing promoters.
The reclassification request is also aligned with the dissolution of their marriage, which was finalized by a Patiala House Court order on February 19, 2025. In her request, Neelu Singh affirmed that she no longer holds more than 10% of the company’s voting rights, does not have any special rights or control over the company, and is not represented on the board or involved in management.
The Board of Directors of Max Financial Services has approved her reclassification request, subject to the approval of the relevant stock exchanges.
In a related development, Max Financial Services announced a leadership change. Amrit Pal Singh will step down as Chief Financial Officer (CFO) on April 30, 2025, upon completing his three-year term. He will continue as CFO of Axis Max Life Insurance Limited, a subsidiary of Max Financial Services. The Board has appointed Nishant Kumar Gehlawat as the new CFO, effective May 1, 2025. Gehlawat has been associated with the Max Group since 2007 and brings over 18 years of experience in finance, corporate development, and capital management.
