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Max India MD, chairman, board of directors and AGM

NSE: MAXINDBSE: 543223FinanceSmall Cap

Last close ₹149.15down ₹0.94 (0.63%)BSE ₹146.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹150.09.

52-week range of traded prices to 23 Oct 2026
₹120.00Low, 30 Mar 2026₹220.00High, 23 Oct 2025
Market cap
₹840 Cr1,580th largest listed
P/E
Lossover the last 12 months
P/B
Shares changed
Dividend yield
Nonein the last 12 months
ROE
−34.5%
ROCE
−33.8%
Debt to equity
0.00
Volume, NSE
54,63550.5% delivered

Max India board of directors

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

  • ChairpersonAnaljit SinghRelated to the promoter
  • Company Secretary and Compliance OfficerTrapti

9 directors5 independent1 executive3 non-executive

  • Analjit Singh · ChairpersonNon-executive · joined Jun 2020 · reappointed Jun 2020 · 3 listed boards
  • Tara Singh VachaniNon-executive · joined Jun 2020 · reappointed Jun 2020 · 1 listed board · 2 committee seats, 1 as chair
  • Mohit TalwarNon-executive · joined Jun 2020 · reappointed Jan 2021 · 1 listed board · 1 committee seat
  • Pradeep PantIndependent · joined Jun 2020 · reappointed Jun 2025 · 72 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • Rajit MehtaExecutive · joined Jan 2021 · reappointed Jan 2026 · 2 listed boards · 1 as independent
  • Niten MalhanIndependent · joined Feb 2021 · reappointed Feb 2026 · 64 months as independent · 3 listed boards · 3 as independent · 3 committee seats, 1 as chair
  • Ajit SinghIndependent · joined May 2022 · reappointed May 2022 · 49 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Rohit KapoorIndependent · joined May 2022 · reappointed May 2022 · 49 months as independent · 1 listed board · 1 as independent
  • Mrinalini MirchandaniIndependent · joined Apr 2026 · reappointed Apr 2026 · 2 months as independent · 1 listed board · 1 as independent

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
  • Sharmila Tagore, left 15 Feb 2026: Others

Committees and meetings

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

  • Board

    • 28 May 20268 of 9 present4 independent · 106 days in between
    • 10 Feb 20266 of 9 present2 independent

  • Audit Committee

    Chair Niten Malhan

    Pradeep Pant, Tara Singh Vachani, Ajit Singh

    • 28 May 20263 of 4 present2 independent · 106 days in between
    • 10 Feb 20263 of 5 present2 independent

  • Nomination and remuneration committee

    Chair Pradeep Pant

    Tara Singh Vachani, Ajit Singh, Niten Malhan

    • 12 Jun 20263 of 4 present2 independent · 16 days in between
    • 26 May 20264 of 4 present3 independent · 194 days in between
    • 12 Nov 20255 of 6 present3 independent

  • Stakeholders Relationship Committee

    Chair Tara Singh Vachani

    Niten Malhan, Mohit Talwar

    No meeting listed in the filing.

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.

  • Ravi Rajan & Co. LLPPeer-review certificate valid to May 2028

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 India 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 India share news and announcements

Annual general meeting, 19 Aug 2026

38,432 shareholders on the register on 12 Aug 2026; present: 17 promoters and 55 others; votes counted by Mr. Kapil Dev Taneja / 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 together with the Reports of the Board of Directors and Auditors thereon and the Audited Consolidated Financial Statements of the Company including the Report of the Auditors thereon for the financial year ended March 31, 2026.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 54.09% · promoters 96.26% · institutions 34.35% · other public 8.82%

  2. To appoint Mr. Rajit Mehta (DIN: 01604819) as a Director, who retires by rotation and being eligible offers himself for re-appointment, as a Director.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 54.09% · promoters 96.26% · institutions 34.35% · other public 8.82%

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, 12 Jul 2026, 2 resolutions

37,965 shareholders on the register on 5 Jun 2026; votes counted by Mr. Kapil Dev Taneja / M/s Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Ms. Mrinalini Mirchandani (DIN: 11619010) as an Independent Director (Non-Executive) of the Company to hold office for a term of five consecutive years
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.16%

    Turnout: all 58.90% · promoters 99.91% · institutions 89.18% · other public 3.33%

  2. Reallocation of the unutilised portion of the proceeds from the rights issue of fully paid-up equity shares offered to the eligible equity shareholders of the Company
    Special
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.71%

    Turnout: all 58.90% · promoters 99.91% · institutions 89.18% · other public 3.33%

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, 7 resolutions

38,899 shareholders on the register on 13 Feb 2026; votes counted by Mr. Kapil Dev Taneja / M/s Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. Payment of compensation to Mr. Analjit Singh, Non- Executive Chairman of the Company for the Financial Year 2026-27
    Special
    88.63% for11.37% against

    Against: promoters 0.00% · institutions 99.67% · other public 4.70%

    Turnout: all 63.32% · promoters 99.91% · institutions 79.57% · other public 15.86%

  2. Amendment in Max India Limited - Employee Stock Option Plan 2020 of the Company
    Special
    99.71% for0.29% against

    Against: promoters 0.00% · institutions 0.62% · other public 2.17%

    Turnout: all 63.32% · promoters 99.91% · institutions 79.57% · other public 15.86%

  3. Grant of employee stock options to the employees of the subsidiary company(ies) of the Company under Max India Limited - Employee Stock Option Plan 2020
    Special
    99.71% for0.29% against

    Against: promoters 0.00% · institutions 0.62% · other public 2.18%

    Turnout: all 63.32% · promoters 99.91% · institutions 79.57% · other public 15.86%

  4. Approval of material related party transaction(s) between Antara Senior Living Limited and Contend Builders Private Limited for FY 2026-27
    OrdinaryPromoters have an interest in it
    99.60% for0.40% against

    Against: promoters 0.00% · institutions 0.62% · other public 0.08%

    Turnout: all 11.56% · promoters 0.00% · institutions 79.57% · other public 11.21%

  5. Approval of modification of material related party transaction(s) between Antara Senior Living Limited and Max Estates Gurgaon Limited for FY 2025-26
    OrdinaryPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 11.56% · promoters 0.00% · institutions 79.57% · other public 11.21%

  6. Approval of material related party transaction(s) between Antara Senior Living Limited and Max Estates Gurgaon Limited for FY 2026-27
    OrdinaryPromoters have an interest in it
    99.96% for0.04% against

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

    Turnout: all 11.56% · promoters 0.00% · institutions 79.57% · other public 11.21%

  7. Approval of material Related Party Transaction between Max Estates Gurgaon Two Limited and Antara Senior Living Limited for FY 2026-27
    OrdinaryPromoters have an interest in it
    98.32% for1.68% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.19%

    Turnout: all 11.56% · promoters 0.00% · institutions 79.57% · other public 11.21%

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, 3 Sep 2025, 10 resolutions

40,616 shareholders on the register on 27 Aug 2025; present: 16 promoters and 54 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 together with the Reports of the Board of Directors and Auditors thereon and the audited consolidated financial statements of the Company including the Report of the Auditors thereon for the financial year ended March 31, 2025.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 63.70% · promoters 99.91% · institutions 97.10% · other public 13.27%

  2. To appoint Mr. Mohit Talwar (DIN: 02394694), who retires by rotation and being eligible offers himself for reappointment, as a Director.
    Ordinary
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.53% · other public 0.02%

    Turnout: all 63.70% · promoters 99.91% · institutions 97.10% · other public 13.27%

  3. Approval of payment of compensation to Mr. Analjit Singh (DIN: 00029641), Non- Executive Chairman of the Company for the Financial Year 2025-26.
    Special
    98.58% for1.42% against

    Against: promoters 0.00% · institutions 11.18% · other public 0.03%

    Turnout: all 63.70% · promoters 99.91% · institutions 97.10% · other public 13.27%

  4. Amendment in Max India Limited - Employee Stock Option Plan 2020 (“ESOP Plan”) of the Company
    Special
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.53% · other public 0.19%

    Turnout: all 63.70% · promoters 99.91% · institutions 97.10% · other public 13.27%

  5. Re-appointment of Mr. Rajit Mehta (DIN:01604819) as Managing Director of the Company.
    Special
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.53% · other public 0.03%

    Turnout: all 62.83% · promoters 99.91% · institutions 97.10% · other public 11.17%

  6. Appointment of M/s. Sanjay Grover & Associates, Practicing Company Secretaries as Secretarial Auditors of the Company and fix their remuneration
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 63.70% · promoters 99.91% · institutions 97.10% · other public 13.27%

  7. Re-appointment of Mr. Niten Malhan (DIN: 00614624), as an Independent Director of the Company for a period of five years effective from February 1, 2026 upto January 31, 2031.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 63.70% · promoters 99.91% · institutions 97.10% · other public 13.27%

  8. Issuance of up to 36,19,594 Fully Convertible Warrants (“warrants”) to the persons belonging to “Promoter & Promoter Group and Non-Promoter” category on Preferential Basis.
    Special
    100.00% for0.00% against

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

    Turnout: all 63.70% · promoters 99.91% · institutions 97.10% · other public 13.27%

  9. Shifting of the Registered Office of the Company from “State of Maharashtra” to “National Capital Territory (NCT) of Delhi”
    Special
    100.00% for0.00% against

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

    Turnout: all 63.70% · promoters 99.91% · institutions 97.10% · other public 13.27%

  10. Material related party transaction(s) between Antara Senior Living Limited and Contend Builders Private Limited
    OrdinaryPromoters have an interest in it
    99.63% for0.37% against

    Against: promoters 0.00% · institutions 0.53% · other public 0.04%

    Turnout: all 12.09% · promoters 0.00% · institutions 97.10% · other public 9.61%

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

41,517 shareholders on the register on 6 Jun 2025; 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 Transaction between Max Estates Gurgaon Two Limited and Antara Senior Living Limited
    OrdinaryPromoters have an interest in it
    99.96% for0.04% against

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

    Turnout: all 12.48% · promoters 0.00% · institutions 96.76% · other public 11.19%

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, 29 Mar 2025, 5 resolutions

40,932 shareholders on the register on 21 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 of the Company for the Financial Year 2025-26.
    SpecialNot passedRecorded as not passed although most votes were for it; no reason is givenPromoters have an interest in it
    59.82% for40.18% against

    Against: promoters 0.00% · institutions 100.00% · other public 2.64%

    Turnout: all 2.22% · promoters 0.00% · institutions 11.21% · other public 3.29%

  2. Approval for re- appointment of Mrs. Sharmila Tagore as an Independent Director of the Company.
    Special
    95.40% for4.60% against

    Against: promoters 0.00% · institutions 5.18% · other public 4.24%

    Turnout: all 2.22% · promoters 0.00% · institutions 11.21% · other public 3.29%

  3. Approval for Re-appointment of Mr. Pradeep Pant as an Independent Director of the Company.
    Special
    96.53% for3.47% against

    Against: promoters 0.00% · institutions 5.18% · other public 2.40%

    Turnout: all 2.22% · promoters 0.00% · institutions 11.21% · other public 3.29%

  4. Approval of material related party transactions between Antara Senior Living Limited and Max Estates Gurgaon Limited.
    OrdinaryPromoters have an interest in it
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.28%

    Turnout: all 1.31% · promoters 0.00% · institutions 1.12% · other public 3.29%

  5. Approval of material related party transaction(s) between Antara Senior Living Limited and Contend Builders Private Limited.
    OrdinaryPromoters have an interest in it
    97.83% for2.17% against

    Against: promoters 0.00% · institutions 5.18% · other public 0.29%

    Turnout: all 2.22% · promoters 0.00% · institutions 11.21% · other public 3.29%

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, 29 Jan 2025, 1 resolution

41,655 shareholders on the register on 27 Dec 2024; votes counted by Mr. Kapil Dev Taneja / Sanjay Grover & Associates.The company's voting result (opens in a new tab)

  1. Approval of the Material related party transaction(s) between the Company and Max Towers Private Limited.
    OrdinaryPromoters have an interest in it
    99.45% for0.55% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.63%

    Turnout: all 3.10% · promoters 0.00% · institutions 10.94% · other public 3.77%

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, 23 Sep 2024, 5 resolutions

Present: 17 promoters and 38 others.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, 2024, 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 0.02%

    Turnout: all 53.54% · promoters 99.91% · institutions 9.91% · other public 4.46%

  2. To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended March 31, 2024 and the Report of the Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 53.54% · promoters 99.91% · institutions 9.91% · other public 4.46%

  3. To appoint Mr. Mohit Talwar (DIN: 02394694), who retires by rotation and being eligible offers himself for re-appointment, as a Director.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.17%

    Turnout: all 53.54% · promoters 99.91% · institutions 9.91% · other public 4.46%

  4. To appoint Ms. Tara Singh Vachani (DIN: 02610311), who retires by rotation and being eligible offers herself for re- appointment, as a Director
    OrdinaryPromoters have an interest in it
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 3.05% · other public 0.07%

    Turnout: all 53.54% · promoters 99.91% · institutions 9.91% · other public 4.46%

  5. Approval for continuation of term of appointment of Mr. Analjit Singh (DIN: 00029641) as Director (Non-Executive and Non-Independent) of the Company.
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 53.54% · promoters 99.91% · institutions 9.91% · other public 4.46%

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.

Tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Tax disputeAssessment Unit Income Tax DepartmentSince 24 Mar 2026
    The assessment was completed for FY 24-25 and a demand of ₹ 3,153.21 lakhs was computed. The company have filed rectifications against mistakes prima facie on records on 30th March 26. Additionally, an appeal against the Assessing Officer’s order was filed with the CIT(A) on 22 April 2026. Based on a preliminary evaluation, APSLL expects that the resultant tax liability would be NILMoreLess
    At the filing before: The assessment was completed for FY 24-25 and a demand of ₹ 3,153.21 lakhs was computed. The company have filed rectifications against mistakes prima facie on records on 30th March 26. APSL is in process of filing appeal against all additions/disallowances made in the assessment order before the relevant appellate authority. Based on a preliminary evaluation, APSLL expects that the resultant tax liability would be NILMoreLess
  • Tax disputeCommissioner of Income Tax ('CIT') - AY 2015-16Since 18 Jan 2019
    The matter is pending with the High Court. Next date of hearing is September 01, 2026.
    At the filing before: We received an order u/s 154 from AO to increase the demand from 27.15 Crs to 29.33 Crs. Rectification application filed by assessee on 12.12.25 has been rejected by assessing officer on 29.06.2026. We had filed CIT(A) against the same order. The matter under section 263 is pending with the High Court. Next date of hearing is September 01, 2026.MoreLess
  • Tax disputeAssessing Officer - AY 2022-23Since 22 Mar 2024
    The matter is pending with CIT(Appeals). Next date of hearing is awaited.
  • Tax disputeAssistant Commissioner/Deputy Commissioner, New Delhi - FY 2015-16 to FY 2017-18Since 22 Apr 2021
    The matter is pending with the Assistant/Deputy Commissioner, New Delhi for disposal.
  • Tax disputeIncome Tax DepartmentSince 27 Mar 2024
    The assessment was completed for FY 21-22 and a demand of ₹ 1,113.19 lakhs was computed. The company have filed rectifications against mistakes prima facie on records & appeal against the disallowances has also been filed with CIT(Appeals). Considering our request on rectification, CIT has adjusted accumulated losses & issued revised order dated 22.11.24 with demand of ₹ 162.45 lakhs. Stay of Demand has been granted by AO on 24/02/2025.Hearing Notice from CIT was received on 18/08/2025 against which we had submitted our ground wise response on 01.09.2025 & 10.12.25MoreLess

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
No
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
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 Sep 2025. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it. 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
Preferential IssuesSep 202540.18––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.