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Max Estates MD, chairman, board of directors and AGM

NSE: MAXESTATESBSE: 544008RealtySmall Cap

Last close ₹471.00down ₹24.15 (4.88%)BSE ₹470.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹495.15.

52-week range of traded prices to 23 Oct 2026
₹305.45Low, 30 Mar 2026₹652.80High, 24 Sep 2026
Market cap
₹7,705 Cr698th largest listed
P/E
Owners' profit not stated
P/B
3.2
Dividend yield
Nonein the last 12 months
ROCE
−0.3%
Debt to equity
0.75
Volume, NSE
81,92941.3% delivered

Max Estates board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonAnaljit SinghRelated to the promoter
  • Managing directorSahil Vachani
  • Company Secretary and Compliance OfficerAbhishek Mishra

10 directors5 independent1 executive4 non-executive

  • Analjit Singh · ChairpersonNon-executive · joined Jul 2023 · 3 listed boards
  • Sahil Vachani · Managing directorExecutive · joined Jul 2023 · 2 listed boards · 2 committee seats, 1 as chair
  • Niten MalhanIndependent · joined Jul 2023 · reappointed Jul 2023 · 38 months as independent · 3 listed boards · 3 as independent · 3 committee seats, 1 as chair
  • Dinesh Kumar MittalIndependent · joined Jul 2023 · reappointed Jul 2023 · 38 months as independent · 5 listed boards · 5 as independent · 6 committee seats, 3 as chair
  • Gauri PadmanabhanIndependent · joined Jul 2023 · reappointed Jul 2023 · 38 months as independent · 1 listed board · 1 as independent · 3 committee seats
  • Atul Behri LallNon-executive · joined Mar 2024 · 4 listed boards · 1 as independent · 3 committee seats
  • Jillian Leigh Moo - YoungNon-executive · joined May 2026 · 1 listed board
  • Benjamin Scott GreeneAlternate · joined May 2026 · 1 listed board
  • Malini ThadaniIndependent · joined May 2024 · reappointed May 2024 · 28 months as independent · 3 listed boards · 3 as independent · 3 committee seats, 1 as chair
  • Ira GuptaIndependent · joined Mar 2025 · reappointed Mar 2025 · 18 months as independent · 4 listed boards · 4 as independent · 4 committee seats, 2 as chair

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

1 director who left
  • Anthony Ramsey Malloy, left 22 May 2026: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 28 Aug 20268 of 9 present5 independent · 13 days in between
    • 14 Aug 20269 of 9 present5 independent · 83 days in between
    • 22 May 20268 of 9 present5 independent

  • Audit Committee

    Chair Dinesh Kumar Mittal

    Niten Malhan, Atul Behri Lall, Gauri Padmanabhan

    • 28 Aug 20263 of 3 present2 independent · 13 days in between
    • 14 Aug 20263 of 3 present2 independent · 83 days in between
    • 22 May 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Gauri Padmanabhan

    Dinesh Kumar Mittal, Analjit Singh, Ira Gupta

    • 22 May 20264 of 4 present3 independent

  • Stakeholders Relationship Committee

    Chair Dinesh Kumar Mittal

    Sahil Vachani, Gauri Padmanabhan

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Niten Malhan

    Sahil Vachani, Gauri Padmanabhan, Nitin Kumar

    • 14 Aug 20262 of 3 present2 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • S.R. Batliboi & Co LLPPeer-review certificate valid to Jul 2027

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Max Estates AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Max Estates share news and announcements

Extraordinary general meeting, 24 Sep 2026

29,160 shareholders on the register on 17 Sep 2026; present: 14 promoters and 72 others; votes counted by Mr. Kapil Dev Taneja / M/s Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. Approval of material related party transactions in connection with the proposed acquisition of the securities held in the land owning Companies
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 15.78% · promoters 0.00% · institutions 38.82% · other public 11.20%

  2. Approval for preferential issue of equity shares for consideration other than cash (share swap)
    SpecialPromoters have an interest in it
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.20% · other public 0.00%

    Turnout: all 54.18% · promoters 84.80% · institutions 38.82% · other public 11.42%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 19 Aug 2026, 3 resolutions

30,655 shareholders on the register on 12 Aug 2026; present: 14 promoters and 73 others; votes counted by Mr. Neeraj Arora / M/s Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider, and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 55.65% · promoters 95.07% · institutions 32.11% · other public 8.07%

  2. To receive, consider, and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2026, together with the Report of the Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 55.65% · promoters 95.07% · institutions 32.11% · other public 8.07%

  3. To appoint Mr. Analjit Singh (DIN: 00029641), Non-Executive Director, who retires by rotation and being eligible, offers himself for re-appointment as a director.
    OrdinaryPromoters have an interest in it
    94.00% for6.00% against

    Against: promoters 0.00% · institutions 30.45% · other public 0.04%

    Turnout: all 55.65% · promoters 95.07% · institutions 32.11% · other public 8.07%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 25 Jul 2026, 2 resolutions

30,594 shareholders on the register on 19 Jun 2026; votes counted by Mr. Neeraj Arora / M/s Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. Approval for payment of remuneration to Mr. Sahil Vachani (DIN: 00761695), Vice Chairman and Managing Director of the Company, for the remaining period of his current tenure.
    SpecialPromoters have an interest in it
    86.71% for13.29% against

    Against: promoters 0.00% · institutions 59.57% · other public 0.11%

    Turnout: all 56.88% · promoters 95.07% · institutions 37.29% · other public 5.65%

  2. Appointment of Ms. Jillian Leigh Moo-Young (DIN: 10545257) as a Non-Executive, Non-Independent Director of the Company
    Ordinary
    98.47% for1.53% against

    Against: promoters 0.00% · institutions 6.86% · other public 0.06%

    Turnout: all 56.88% · promoters 95.07% · institutions 37.29% · other public 5.65%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 22 Mar 2026, 4 resolutions

31,839 shareholders on the register on 13 Feb 2026; votes counted by Kapil Dev Taneja / Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. Approval of modification for increasing the existing limit of material related party transaction between Max Estates Gurgaon Limited and Antara Senior Living Limited for the FY 26
    OrdinaryPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.14%

    Turnout: all 14.43% · promoters 0.00% · institutions 32.58% · other public 16.61%

  2. Approval of material related party transactions between Antara Senior Living Limited and Max Estates Gurgaon Limited
    OrdinaryPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.14%

    Turnout: all 14.43% · promoters 0.00% · institutions 32.58% · other public 16.61%

  3. Approval of material related party transactions between Antara Senior Living Limited and Max Estates Gurgaon Two Limited
    OrdinaryPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.14%

    Turnout: all 14.43% · promoters 0.00% · institutions 32.58% · other public 16.61%

  4. Approval for Payment of Compensation to Mr. Analjit Singh, Non-executive Chairman of the Company, for FY 27
    SpecialPromoters have an interest in it
    81.37% for18.63% against

    Against: promoters 0.00% · institutions 88.86% · other public 0.19%

    Turnout: all 58.04% · promoters 93.52% · institutions 36.38% · other public 16.62%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 18 Sep 2025, 4 resolutions

32,921 shareholders on the register on 11 Sep 2025; present: 13 promoters and 91 others; votes counted by Kapil Dev Taneja / Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider, and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 49.91% · promoters 81.19% · institutions 32.97% · other public 10.31%

  2. To receive, consider, and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2025, together with the Report of the Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 49.91% · promoters 81.19% · institutions 32.97% · other public 10.31%

  3. To appoint Mr. Atul B. Lall (DIN: 00781436), who retires by rotation and being eligible, offers himself for re-appointment as a Director.
    Ordinary
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 0.65% · other public 0.01%

    Turnout: all 49.91% · promoters 81.19% · institutions 32.97% · other public 10.31%

  4. Appointment of Secretarial Auditors
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 49.91% · promoters 81.19% · institutions 32.97% · other public 10.31%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 10 Jul 2025, 1 resolution

31,460 shareholders on the register on 6 Jun 2025; votes counted by Kapil Dev Taneja / Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. Approval of material related party transactions between Antara Senior Living Limited and Max Estates Gurgaon Two Limited
    OrdinaryPromoters have an interest in it
    99.24% for0.76% against

    Against: promoters 0.00% · institutions 1.03% · other public 0.09%

    Turnout: all 13.65% · promoters 0.00% · institutions 29.06% · other public 18.44%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 26 May 2025, 6 resolutions

31,263 shareholders on the register on 18 Apr 2025; votes counted by KAPIL DEV TANEJA / SANJAY GROVER & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Approval of the appointment of Ms. Ira Gupta (DIN: 07517101) as an Independent Director of the Company.
    Special
    99.43% for0.57% against

    Against: promoters 0.00% · institutions 2.63% · other public 0.03%

    Turnout: all 50.92% · promoters 81.19% · institutions 32.40% · other public 15.47%

  2. Approval of limits under Section 186 of the Companies Act 2013.
    Special
    89.28% for10.72% against

    Against: promoters 0.00% · institutions 49.23% · other public 2.42%

    Turnout: all 50.91% · promoters 81.19% · institutions 32.37% · other public 15.46%

  3. Approval of material related party transactions between Antara Senior Living Limited and Max Estates Gurgaon Limited.
    OrdinaryPromoters have an interest in it
    98.46% for1.54% against

    Against: promoters 0.00% · institutions 2.05% · other public 0.03%

    Turnout: all 12.89% · promoters 0.00% · institutions 28.58% · other public 15.46%

  4. Approval for Extension of Pledge on Shares of Max Towers Private Limited to Secure Enhanced Credit Facilities as a Material Related Party Transaction.
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 12.89% · promoters 0.00% · institutions 28.58% · other public 15.46%

  5. Approval for Material Related Party Transaction Involving the Subscription of Compulsory Convertible Debentures in Boulevard Projects Private Limited by Max Estates Limited and New York Life Insurance Company.MoreLess
    OrdinaryPromoters have an interest in it
    98.46% for1.54% against

    Against: promoters 0.00% · institutions 2.05% · other public 0.03%

    Turnout: all 12.89% · promoters 0.00% · institutions 28.58% · other public 15.46%

  6. Approval for Material Related Party Transaction Involving the Subscription of Compulsory Convertible Debentures in Max Estates Noida Private Limited by Max Estates Limited and New York Life Insurance Company.MoreLess
    OrdinaryPromoters have an interest in it
    98.46% for1.54% against

    Against: promoters 0.00% · institutions 2.05% · other public 0.03%

    Turnout: all 12.89% · promoters 0.00% · institutions 28.58% · other public 15.46%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 16 Mar 2025, 3 resolutions

30,124 shareholders on the register on 7 Feb 2025; votes counted by KAPIL DEV TANEJA / SANJAY GROVER & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Approval for Payment of Compensation to Mr. Analjit Singh, Non-executive Chairman, for FY 2025-26.
    SpecialPromoters have an interest in it
    86.33% for13.67% against

    Against: promoters 0.00% · institutions 75.43% · other public 0.38%

    Turnout: all 47.02% · promoters 80.59% · institutions 25.04% · other public 9.83%

  2. Approval for Equity Infusion in Max Estates Noida Private Limited as a Material Related Party Transaction.
    OrdinaryPromoters have an interest in it
    98.69% for1.31% against

    Against: promoters 0.00% · institutions 1.67% · other public 0.04%

    Turnout: all 9.27% · promoters 0.00% · institutions 21.24% · other public 9.87%

  3. Approval for Funding in Max Estates Noida Private Limited through Compulsory Convertible Debentures (CCDs) as a Material Related Party Transaction
    OrdinaryPromoters have an interest in it
    55.19% for44.81% against

    Against: promoters 0.00% · institutions 57.52% · other public 0.04%

    Turnout: all 9.27% · promoters 0.00% · institutions 21.24% · other public 9.87%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 22 Mar 2026, 8 fund houses

  • Approval of modification for increasing the existing limit of material related party transaction between Max Estates Gurgaon Limited and Antara Senior Living Limited for the FY 26
    8 for0 against
  • Approval of material related party transactions between Antara Senior Living Limited and Max Estates Gurgaon Limited
    8 for0 against
  • Approval of material related party transactions between Antara Senior Living Limited and Max Estates Gurgaon Two Limited
    8 for0 against
  • Approval for Payment of Compensation to Mr. Analjit Singh, Non-executive Chairman of the Company, for FY 27
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Skewed remuneration in favor of the proposed appointee by way of payment of guaranteed commission. Chairman related to the Managing Director.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concerns on profile of Chairman. Governance Concern: Skewed remuneration in favor of the proposed appointee by way of payment of guaranteed commission. Chairman related to the Managing Director.
    • Invesco Mutual FundFor FY27, the company proposes a fixed remuneration of Rs. 30.0 mn to Analjit Singh, in addition to sitting fees and reimbursement of expenses for attending board/ committee meetings. The proposed remuneration will exceed 50% of the total annual remuneration payable to all the non-executive directors for FY27. For FY26, he received Rs. 30.0 mn as remuneration till the date of the notice. The rationale for a fixed remuneration is unclear, particularly as profitability remains under pressure. Since the group’s real estate business is in its early stages of growth, the company must consider paying profit-linked commission instead of a fixed remuneration. He also receives remuneration from group entities, Max Financial Services and Max India. His FY25 remuneration from Max Group aggregated Rs. 62.2 mn which is not in line with its peers and is not commensurate with the size and complexities of the group’s operations and profitability – given that all these companies have their own Executive Directors / Operational Management. Further, we note that he is a member of the NRC. We believe the AC and NRC must comprise only of nonconflicted/non-tenured independent directors to avoid potential conflict of interest. We do not support the resolution
    • Kotak Mahindra Mutual FundFor FY27, the company proposes a fixed remuneration of Rs. 30.0 mn to promoter Analjit Singh, in addition to sitting fees and reimbursement of expenses for attending board/ committee meetings. For FY25, he received Rs. 30.0 mn as gross remuneration and Rs. 0.9 mn as sitting fees for board/committee meetings till the date of the notice. However, he is part of NRC committee and thus there is lack of independence in approving his remuneration. Also, the fixed remuneration is higher than ED and total remuneration is higher than all the NEDs put together. This raises the governance issue and hence we recommend to vote AGAINST.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    0 for8 against

Mutual fund votes, meeting of 18 Sep 2025, 9 fund houses

  • To receive, consider, and adopt the audited standalone financial statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and Auditors thereon.MoreLess
    9 for0 against
  • To receive, consider, and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2025, together with the Report of the Auditors thereon.
    9 for0 against
  • To appoint Mr. Atul B. Lall (DIN: 00781436), who retires by rotation and being eligible, offers himself for re-appointment as a Director.
    9 for0 against
  • Appointment of Secretarial Auditors
    9 for0 against
3 earlier meetings

Mutual fund votes, meeting of 10 Jul 2025, 9 fund houses

  • Approval of material related party transactions between Antara Senior Living Limited and Max Estates Gurgaon Two Limited
    Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundTransparency Concern: Inadequate justification with regard to selection of the counter party.
    • Groww Mutual Fund, Motilal Oswal Mutual FundProposed resolution is compliant with law. Transparency Concern: Inadequate justification w.r.t. selection of the counter party.
    6 for3 against

Mutual fund votes, meeting of 26 May 2025, 10 fund houses

  • Approval of the appointment of Ms. Ira Gupta (DIN: 07517101) as an Independent Director of the Company.
    Against Angel One Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundTerms and Conditions of appointment of proposed Independent Directors not disclosed on the website of the Company.
    • Groww Mutual Fund, PGIM India Mutual FundNo concern on the merit of proposed appointee. Non-Compliant with SEBI LODR & Companies Act, 2013: Terms and Conditions of appointment of proposed IDs not disclosed on the website of the Company.
    • Motilal Oswal Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Exercise Price and Exercise period not disclosed. Governance Concern: Potential excessive benefits per employee.
    6 for4 against
  • Approval of limits under Section 186 of the Companies Act 2013.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Inadequate disclosures with regards to the particulars of the proposed loans/investments/ guarantees/ security transactions.
    • Bandhan Mutual Fund, Groww Mutual Fund, PGIM India Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate disclosures w.r.t. the particulars of the proposed loans/ investments/ guarantees/ security transactions; Enabling approval.
    • Invesco Mutual FundAs on 31 March 2024, MEL has outstanding loans, guarantees and investments of Rs. 18.7 bn which constitutes ~95% of the existing limit (Rs. 19.6 bn) for such transactions under Section 186 of Companies Act, 2013. Further, the inter-corporate transactions undertaken by MEL in FY25 and FY26 till date aggregates Rs. 38.5 bn. The company seeks to the increase the limit to Rs. 70.0 bn or the automatic limit, whichever is higher. While we recognize that MEL has nearly exhausted its current limit, the rationale to justify the ~3.5x increase in the transaction limits has not been articulated in the shareholder notice. Further, this is an enabling approval, and it allows the company to give loans/ guarantees/ provide securities to any company in which directors are interested, including promoter companies and companies with common directorships. We believe the company must disclose granular details including names of these companies, the nature and size of their operations and terms of support, to enable shareholders to make an informed decision. In the absence of disclosures, we are unable to support this resolution
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: Inadequate disclosure
    3 for7 against
  • Approval of material related party transactions between Antara Senior Living Limited and Max Estates Gurgaon Limited.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundGovernance Concern: Basis for Arm’s Length pricing not disclosed.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Basis for Arm’s Length pricing not disclosed.
    • PGIM India Mutual FundCompliant with law. Governance Concern: Basis for Arm s Length pricing not disclosed.
    5 for5 against
  • Approval for Extension of Pledge on Shares of Max Towers Private Limited to Secure Enhanced Credit Facilities as a Material Related Party Transaction.
    10 for0 against
  • Approval for Material Related Party Transaction Involving the Subscription of Compulsory Convertible Debentures in Boulevard Projects Private Limited by Max Estates Limited and New York Life Insurance Company.MoreLess
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Inadequate disclosures with regards to proposed Related Party Transaction; No clarity on why a new partner is being brought in to share upside in project, when the Company has resources of its own; Convertible debentures will alter equity structure in the wholly owned subsidiary & no information on updated shareholding structure. No clarity on whether proposed investment is within the existing limit of Section 186 of Companies Act.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate disclosures w.r.t to proposed RPT; No clarity on why a new partner is being brought in to share upside in project, when the Company has resources of its own; Convertible debentures will alter equity structure in the wholly owned subsidiary & no information on updated shareholding structure. No clarity on whether proposed investment is within the existing limit of Section 186 of Companies Act.
    5 for5 against
  • Approval for Material Related Party Transaction Involving the Subscription of Compulsory Convertible Debentures in Max Estates Noida Private Limited by Max Estates Limited and New York Life Insurance Company.MoreLess
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Inadequate disclosures with regards to proposed Related Party Transaction; No justification for changing terms of earlier approved investment in MENPL; No clarity on why a new partner is being brought in to share almost 50% upside in project when the Company has resources of its own; Convertible debentures will alter pre-bid equity structure & no information on updated shareholding structure; No clarity on whether proposed investment is within the existing limit of Section 186 of Companies Act.
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate disclosures w.r.t to proposed RPT; No justification for changing terms of earlier approved investment in MENPL; No clarity on why a new partner is being brought in to share almost 50% upside in project when the Company has resources of its own; Convertible debentures will alter pre-bid equity structure & no information on updated shareholding structure; No clarity on whether proposed investment is within the existing limit of Section 186 of Companies Act.
    5 for5 against

Mutual fund votes, meeting of 16 Mar 2025, 5 fund houses

  • Approval for Payment of Compensation to Mr. Analjit Singh, Non-executive Chairman, for FY 2025-26.
    Against Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund
    • Invesco Mutual FundFor FY26, the company proposes a fixed remuneration of Rs. 30.0 mn to promoter Analjit Singh, in addition to sitting fees and reimbursement of expenses for attending board/ committee meetings. The proposed remuneration will exceed 50% of the total annual remuneration payable to all the non-executive directors for FY26. For FY25, he received Rs. 30.0 mn as gross remuneration and Rs. 0.9 mn as sitting fees for board/committee meetings till the date of the notice. The rationale for a fixed remuneration is unclear as profitability is under pressure. Since the group’s real estate business is in its early stages of growth, the company must consider paying profit-linked commission instead of a fixed remuneration. He also receives remuneration from group entities, Max Financial Services and Max India. His FY24 remuneration aggregated Rs. 62.2 mn which is not in line with its peers and is not commensurate with the size and complexities of the group’s operations and profitability. Further, we note that he is a member of the Nomination and Remuneration Committee. We believe the Nomination and Remuneration Committee must comprise only of nonconflicted/non-tenured independent directors to avoid potential conflict of interest. Therefore, we are unable to support the resolution
    • Kotak Mahindra Mutual FundFor FY26, the company proposes a fixed remuneration of Rs. 30.0 mn to promoter Analjit Singh, in addition to sitting fees and reimbursement of expenses for attending board/ committee meetings. For FY25, he received Rs. 30.0 mn as gross remuneration and Rs. 0.9 mn as sitting fees for board/committee meetings till the date of the notice. However, he is part of NRC committee and thus there is lack of independence in approving his remuneration. Also, the fixed remuneration is higher than ED and total remuneration is higher than all the NEDs put together. This raises the governance issue and hence recommend to vote AGAINST.
    • Nippon India Mutual FundSkewed Remuneration
    • PGIM India Mutual FundCompliant with law No concerns on profile of Chairman. Governance Concern: Skewed remuneration in favor of proposed appointee by way of payment of guaranteed commission; Chairman related to Managing Director.
    1 for4 against
  • Approval for Equity Infusion in Max Estates Noida Private Limited as a Material Related Party Transaction.
    Against PGIM India Mutual Fund
    • PGIM India Mutual FundCompliant with law. Transparency Concern: Basis of Pricing for the Transaction has not been disclosed.
    4 for1 against
  • Approval for Funding in Max Estates Noida Private Limited through Compulsory Convertible Debentures (CCDs) as a Material Related Party Transaction
    Against Invesco Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund
    • Invesco Mutual FundMEL proposes to infuse Rs. 5.0 bn by way of CCDs into MENPL to meet payment obligations related to the project bid won by the consortium. The infusion will be made in alignment with Noida’s payment schedule and the project timeline. The funding will be structured over five financial years, with Rs. 3.0 bn to be infused during FY25, and the remaining Rs. 2.0 bn to be infused over the subsequent four financial years, i.e., from FY26 to FY29. Further, any unutilized portion from FY25 shall be carried forward to the subsequent financial years. The CCDs will be converted into equity shares upon receipt of the Occupancy Certificate or within ten years from allotment, whichever is later. The infusion of funds is only by MEL and not in the ratio of shareholding by the rest of the Max Group companies who are shareholders of MENPL. The company must clarify why future investment is not in the proportion of shareholding. We raise further concern over using CCDs as an instrument for funding the project – the conversion of CCDs will take place a post-completion valuation, resulting in lower equity stake for Max Estates and a consequent lower dilution for the residual promoter-controlled entities. Hence, we are unable to support the resolution
    • Nippon India Mutual FundInadequate Disclosure
    • PGIM India Mutual FundCompliant with law. Transparency Concern: Basis of Pricing for the Transaction has not been disclosed.
    2 for3 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Fines and tax disputes

Reported in the filing for the quarter to Sep 2026.

  • Fine or penaltyAdditional/Joint Director of Income Tax (Intelligence & Criminal Investigation), New Delhi, Income Tax Department, Government of IndiaSince 29 Sep 2026

    Order under Section 271FAA imposing penalty of Rs 50,000 for inaccurate/incomplete filing of Statement of Financial Transaction (Form 61A) for FY 2024-25 in the case of Max Estates Gurgaon Two Limited (wholly owned subsidiary of the Company)

    Discrepancies in SFT-007 not rectified within time despite notice u/s 285BA(4)
  • Tax disputeDepartment of Trade and Taxes, Government of NCT of Delhi (Office of the Assistant Commissioner / GSTO)Since 28 Jul 2026
    The Company has opposed the proposed demand, considering it factually incorrect and without merit, as the major amounts of Input Tax Credit (ITC) identified by the Department had already been reversed in the Company's books and GST returns. The proposed demand appears to have arisen from an automated reconciliation of vendors' outward supplies, GSTR-2B and GSTR-9 disclosures, without considering the ITC reversals already undertaken by the Company. The matter is currently pending adjudication. The reply to the Show Cause Notice has been submitted, and the date of personal hearing is awaited.MoreLess
    At the filing before: Pharmax Corporation Limited, a subsidiary of Max Estates Limited, received a Show Cause Notice in Form GST DRC-01 dated July 27, 2026, under Section 73 of the CGST/DGST Acts for FY 2022-23, proposing demand of Rs 5.90 Crores (including tax, interest and penalty), relating to alleged excess / ineligible input tax credit. The matter was at the show cause notice stage, with no final demand or order passed.MoreLess

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
Yes
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2026. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.

RaisedAmount raisedForSet asideSpentSpent elsewhere
QIPSep 2024, checked by CARE Ratings Limited800.00––No
Preferential IssuesOct 2024, checked by CARE Ratings Limited150.00––No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.