Analjit Singh

Analjit Singh www.infralive.com 22 Infra LIVE May 15, 2022 petition, she has narrated how her husband is reducing her stakes, without her permission or knowl- edge, from various group compa- nies and siphoning the funds abroad. Ms Neelu in her petition has also pointed out that Max Ven- tures Investment Holdings Pvt Ltd during last four financial years (FY18 to FY21), had borrowed funds paying interest at higher rates, whereas the lending (pri- marily to its own related compa- nies) was done at lower interest rates. In this process Rs 113.87 crore was lost (see table-1 at pg 21). Linkage with BSE listed com- pany Max Estates Ltd, incorporated on March 22, 2016, is 100 per cent owned by Max Ventures and Industries Ltd (“Max Industries”), which is a listed company of the Max group. Max Industries' share- holders are Max Ventures Invest- ment Holdings Pvt Ltd or “Max Holdings” (23.59 pc) and Siva Enterprises Pvt Ltd (23.01 pc), while the rest is with public. Max Holdings is in turn owned by Analjit Singh (74.95 pc) and his wife Neelu Analjit Singh (24.15 pc), and the remainder share of less than 1 per cent is also owned “ I am doing a story on the legality of a sub-lease deed between Noida Authority, Boulevard and Wise Zone and a consequent sub-division in favour of Wise Zone in the allotted commercial land bearing Plot No. C001 Sector- 16B, known as Max Towers. Investigations reveal a com- plex chain of events marked by tax implications, asset stripping and deceiving claimants of their dues in bankruptcy proceedings. Would like to seek your responses.” But they chose not to answer. The following questions were sent to the lawyer of Neelu Analjit Singh: “The story is on the acquisi- tion of Wise Zone and the write off of Rs 377.69 crores from Piveta balance sheet. Could you please respond to the following questions: 1. Was your client aware of this? Was her approval obtained? 2. Was your client aware of the termination / cancel- lation of lease agreement with Wise Zone & reasons thereof? 3. Why did Pivetta not go to NCLT like other claimants against Boulevard? Was your client prevented from taking steps in this direction? 4. Does the write-off tanta- mount to siphoning of funds?” However, these questions too were not responded to. The shareholders of Piveta and its subsidiaries can be seen in chart-B at pg 24. It is pertinent to note that Ms Neelu has filed a case against her 69 year old husband Analjit Singh before the NCLT alleging financial irregularities, siphoning of Max Ventures Investment Holdings Pvt Ltd's funds to companies in South Africa where he is staying. In her Table-2: Max Estates Ltd Zero Coupon CCDs of Rs 1 lakh each issued to Max Ventures and Industries Ltd Date Certificate No. No. of CCDs Distinctive No. Amount (Rs cr) From To 04.05.2017 1 2,165 1 2,165 21.65 28.09.2017 2 1,435 2,166 3,600 14.35 31.10.2017 3 350 3,601 3,950 3.50 16.11.2017 4 220 3,951 4,170 2.20 29.11.2017 5 520 4,171 4,690 5.20 13.12.2017 6 120 4,691 4,810 1.20 21.12.2017 7 828 4,811 5,638 8.28 17.01.2018 8 300 5,639 5,938 3.00 19.01.2018 9 200 5,939 6,138 2.00 31.01.2018 10 40 6,139 6,178 0.40 20.02.2018 11 500 6,179 6,678 5.00 27.02.2018 12 500 6,679 7,178 5.00 14.03.2018 13 1,822 7,179 9,000 18.22 FY18 9,000 90.00 10.08.2018 1 20,300 1 20,300 203.00 23.08.2018 2 550 20,301 20,850 5.50 24.08.2018 3 580 20,851 21,430 5.80 30.08.2018 4 1,000 21,431 22,430 10.00 27.09.2018 5 1,989 22,431 24,419 19.89 11.10.2018 6 1,000 24,420 25,419 10.00 06.11.2018 7 768 25,420 26,187 7.68 FY19 26,187 261.87 31.10.2019 1 80 1 80 0.80 20.03.2020 2 1,697 81 1,777 16.97 FY20 1,777 17.77 07.10.2020 1 20,200 1 20,200 202.00 FY21 20,200 202.00 Total 57,164 571.64