Max Financial Services Limited, in a regulatory filing dated April 15, 2025, announced key developments including a leadership change and a promoter group reclassification. The company stated that its Chief Financial Officer (CFO), Mr. Amrit Pal Singh, will step down from the position on April 30, 2025, upon the completion of his three-year term. He will, however, continue in his current role as CFO at Axis Max Life Insurance Limited.
The Board has approved the appointment of Mr. Nishant Kumar Gehlawat as the new CFO and Key Managerial Personnel (KMP) of Max Financial, effective May 1, 2025. Gehlawat, who has been associated with the Max Group since 2007, brings 18+ years of experience in finance, corporate development, and capital management. He is a qualified Chartered Accountant and a postgraduate from ISB Hyderabad.
Additionally, the company disclosed a major shareholder update. Ms. Neelu Analjit Singh, currently part of the ‘Promoter and Promoter Group’, has requested a reclassification of her status to ‘Public’ shareholder. The Board has approved this move based on a settlement agreement between her and Mr. Analjit Singh, executed on January 13, 2025. The agreement confirms a segregation of personal and business interests, with Mr. Analjit Singh continuing to hold controlling rights over the company. Furthermore, their marriage was officially dissolved by a Patiala House Court order dated February 19, 2025.
These announcements were made during a brief Board meeting held between 1:10 PM and 1:20 PM IST on April 15, 2025.
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